The Federal Competition and Consumer Protection Commission (FCCPC) has initiated the process of delisting digital money lending operators that failed to comply with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations). In a statement, FCCPC’s Executive Vice Chairman and CEO, Tunji Bello, announced that the commission has withdrawn the conditionally approved status of non-compliant digital lenders, following the expiration of the transitional period.
The move comes after the FCCPC set a deadline of January 5, 2026, for digital lenders to regularize their operations. Bello emphasized that the enforcement measures are aimed at upholding the regulations and maintaining regulatory certainty in Nigeria’s digital lending market. “The compliance window provided under the Regulations has now closed, and the Commission is proceeding with appropriate enforcement steps in a fair, orderly, and consistent manner,” he stated.
The commission has also begun engaging with relevant application hosting platforms and payment service providers as part of its ongoing enforcement and compliance monitoring efforts. Additional regulatory steps will be taken in accordance with the law. For operators provisionally designated as eligible under transitional arrangements, the FCCPC has set a new deadline of April 2026 to complete registration under the DEON Regulations.
Bello cautioned that operators who fail to regularize their status within the specified period may face further regulatory measures. He also highlighted the importance of the register as a consumer guide, advising consumers to exercise caution when dealing with digital lenders that do not appear on the commission’s list of approved operators. The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as of the time of publication.
The enforcement measures are part of the FCCPC’s efforts to promote discipline, transparency, and consumer confidence in the digital lending space. The commission’s actions aim to ensure that digital lenders operate in a fair and orderly manner, providing consumers with protection and certainty. As the digital lending market continues to evolve, the FCCPC’s regulatory efforts will play a crucial role in shaping the industry and protecting consumers.
