The Federal Competition and Consumer Protection Commission (FCCPC) has begun a phased enforcement process against digital money lending operators that failed to regularise their operations under Nigeria’s new regulatory framework.
In a statement by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu that the enforcement follows the expiration of the compliance deadline of Monday, January 5, 2026, as stipulated in 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 FCCPC, Mr. Tunji Bello, said the move was necessary to ensure regulatory certainty and order in Nigeria’s digital lending market.
“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,” Mr. Bello said.
“The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.” He said.
As part of the enforcement measures, the Commission has withdrawn the conditional approval earlier granted to some digital money lenders that did not complete the required regularization process within the transitional period, the statement revealed.
It noted that the operators have also been removed from the FCCPC’s official register of approved digital lenders, pending full compliance.
Mr. Bello explained that the register is a critical tool for consumer protection.
“The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as 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 FCCPC also disclosed that it has commenced structured engagement with application hosting platforms and payment service providers as part of its broader enforcement and compliance monitoring efforts.
According to the Commission, further regulatory actions will be carried out in line with established legal procedures.
For operators provisionally designated as eligible under transitional arrangements, the Commission has set April 2026 as the final deadline to regularise their status under the DEON Regulations.
“This window is provided to enable affected operators to take steps towards compliance. Operators that choose not to regularise their status within this period may be subject to further regulatory measures, as provided under the law,” Mr. Bello stated.
The FCCPC reiterated that the enforcement exercise is aimed at strengthening market discipline, protecting compliant businesses from unfair competition, and shielding consumers from abusive and unlawful practices.
“Effective regulation depends on consistent application. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection under the law,” the FCCPC boss added.
The Commission also reaffirmed its commitment to transparent regulation, fair competition, and effective consumer protection within Nigeria’s rapidly evolving digital economy.
