FCCPC cracks down on errant digital money lenders

The Federal Competition and Consumer Protection Commission has commenced phased enforcement of sanctions against Digital Money Lending operators that failed to regularise their operations in line with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.

The compliance deadline for affected operators expired on Monday, January 5, 2026. In a statement on Wednesday, the Director of Corporate Affairs at the FCCPC, Ondaje Ijagwu, said the enforcement exercise was aimed at ensuring regulatory certainty and restoring confidence in Nigeria’s fast-growing digital lending market.

The statement read, “The Federal Competition and Consumer Protection Commission has commenced a phased implementation of enforcement measures in respect of Digital Money Lending operators that did not regularise their status in accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).”

Speaking on the development, the Executive Vice Chairman and Chief Executive Officer of the Commission, Tunji Bello, said the measures were necessary to give full effect to the new regulations and to protect consumers from abusive practices.

“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.

The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity,” Bello said.

As part of the approved enforcement framework, the FCCPC has withdrawn the conditional approval earlier granted to some digital lenders that failed to complete the required regularisation process during the transitional period.