The Federal Competition and Consumer Protection Commission has commenced enforcement actions against digital money lending operators that failed to regularise their operations in line with regulatory requirements.
The commission said the affected operators have been removed from its official register of approved digital lenders following the expiration of the compliance deadline on January 5.
In a circular issued on Wednesday in Abuja, the Director of Corporate Affairs of the FCCPC, Mr Ondaje Ijagwu, explained that the exercise was carried out in accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.
Quoting the Executive Vice Chairman of the commission, Mr Tunji Bello, Ijagwu said the enforcement was aimed at strengthening discipline, transparency and consumer confidence in Nigeria’s digital lending market, rather than disrupting legitimate businesses.
Bello noted that the compliance window granted under the regulations had closed, adding that the commission was now implementing enforcement measures consistent with due process. He disclosed that digital lenders that failed to complete the regularisation process within the transitional period had their conditional approvals withdrawn.
“As a result, such operators have been delisted from the commission’s published register of approved digital lenders pending full compliance with regulatory requirements,” Bello said.
He emphasised that the FCCPC’s register serves as a key consumer protection tool and advised members of the public to be cautious when dealing with digital lenders not listed as approved operators.
Bello further disclosed that the commission has commenced structured engagement with application hosting platforms and payment service providers as part of ongoing compliance monitoring.
He added that provisionally approved operators have until April 2026 to complete their registration under the regulations.
The FCCPC reaffirmed its commitment to fair competition, transparent regulation and effective consumer protection within Nigeria’s digital economy.
