The Federal Competition and Consumer Protection Commission (FCCPC) has begun a phased enforcement of regulations against Digital Money Lending (DML) operators that failed to regularise their operations in line with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).
Announcing the commencement of enforcement actions, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, said the measures were necessary to enforce compliance, ensure regulatory certainty, and strengthen Nigeria’s digital lending ecosystem in line with the Commission’s statutory mandate.
According to him, the compliance window provided under the regulations has officially closed, prompting the Commission to move forward with appropriate enforcement steps.
“The compliance window provided under the Regulations has now closed. At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process,” Bello said. “Our objective is to promote discipline, transparency, and consumer confidence in the digital lending space, not to disrupt legitimate business activities.”
As part of the enforcement framework, the FCCPC has withdrawn the conditional approval previously granted to DML operators that failed to complete the regularisation process within the stipulated transitional period.
Consequently, such operators have been removed from the Commission’s official register of approved digital lenders, pending full compliance with regulatory requirements.
Bello explained that the FCCPC’s published register serves as a critical consumer protection tool.
“The register is designed to guide the public on operators that have met the applicable regulatory requirements at the time of publication. Consumers are advised to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators,” he said.
The Commission has also commenced structured engagements with application hosting platforms and payment service providers as part of its enforcement and compliance monitoring efforts. Bello noted that additional regulatory steps would be taken in accordance with established legal procedures.
For operators provisionally designated as eligible under transitional arrangements, the FCCPC has set April 2026 as the deadline to complete their registration under the DEON Regulations.
“This window is provided to allow affected operators to take concrete steps toward compliance. Operators that fail to regularise their status within this period may be subject to further regulatory measures as prescribed by law,” Bello stated.
The FCCPC emphasised that the enforcement exercise is aimed at strengthening market discipline, protecting compliant businesses from unfair competition, and safeguarding consumers from abusive, deceptive, or unlawful lending practices.
“Effective regulation depends on consistency. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection under the law,” Bello added.
The Commission reaffirmed its commitment to transparent regulation, fair competition, and robust consumer protection across Nigeria’s digital economy.
