FCCPC Vows to Regulate Digital Money Lenders, Collaborates with Government Agencies for Consumer Protection

The Federal Competition and Consumer Protection Commission (FCCPC) is resolute in its commitment to regulating digital money lenders in Nigeria, according to the Acting Executive Vice Chairman/CEO, Dr. Adamu Abdullahi. In a recent interview with Channels Television, Abdullahi emphasized the commission’s determination to implement new regulations targeting illegal lenders and unscrupulous debt collection practices in the digital money lending sector. Abdullahi revealed that the FCCPC is working in conjunction with other government entities, including the Central Bank of Nigeria, the Data Protection Commission, and anti-corruption agencies, to bolster consumer protection efforts. Stressing the imperative of safeguarding consumers’ interests, he highlighted ongoing collaborative endeavors with the CBN, which possesses deep financial expertise, as well as the Data Protection Commission, EFCC, and ICPC. The announcement comes in the wake of the removal of former FCCPC head, Babatunde Irukera, who had been a staunch advocate for the regulation of loan apps earlier this year. The FCCPC’s unwavering stance on implementing new regulations for digital money lenders underscores a concerted effort to purify the industry and fortify consumer rights.