Dare Babalola
The Federal Competition and Consumer Protection Commission (FCCPC) has ordered all digital lenders operating in Nigeria to register with the commission within three months.
The directive is part of the commission’s efforts to regulate the digital lending industry and protect consumers from exploitative practices.
According to the FCCPC, failure to register within the stipulated timeframe will attract penalties, including fines of up to N100 million or 1% of the firm’s annual turnover, and possible closure or ban of directors.
The requirement is one of the new rules listed in a gazette by the FCCPC. The gazette is known as the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON Consumer Lending Regulation) 2025 which is aimed at addressing rising consumer complaints against digital lenders.
The regulations mandate transparency, fairness, and responsible conduct by digital lenders, as well as respect for consumer privacy and accessible redress mechanisms.
Consumers who experience any issues with digital lenders can report to the FCCPC via its complaint portal.
