When the timeframe for compliance closes
By Godfrey Progress
ABUJA — In accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations), the Federal Competition and Consumer Protection Commission (FCCPC) has started enforcing rules against Digital Money Lending (DML) operators who have not regularized their status.
Vanguard remembers that the FCCPC had given digital lenders until January 5, 2026, to abide by its directive.
The commission stated that DML operators who did not finish the regularization process within the transitional period had their conditionally approved status revoked under the approved enforcement framework. In addition, the operators have been taken out of the FCCPC’s published list of authorized digital lenders, pending regulatory compliance.
Mr. Tunji Bello, the Executive Vice Chairman and CEO of the FCCPC, discussed the enforcement measures yesterday and stated that they were required to preserve regulatory stability in Nigeria’s digital lending sector.
“The window for compliance established by the regulations is now closed. As of right now, the Commission is carrying out the necessary enforcement actions in a fair, systematic, and due process-compliant way.
According to Bello, “the goal is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.”
Bello emphasized how crucial the register is as a customer guide. The purpose of the FCCPC’s register is to inform the public about operators who have complied with all relevant regulations as of the publication date.
When interacting with digital lenders that are not listed on the Commission’s current list of authorized operators, consumers are urged to proceed with caution, he stated.
The statement claims that as part of continuous enforcement and compliance monitoring, the commission has also started structured interaction with pertinent application hosting platforms and payment service providers.
In compliance with the law, further regulatory actions will be taken.
The commission stated that a new deadline of April 2026 has been set for operators who have been provisionally recognized as eligible under transitional arrangements to complete registration under the DEON Regulations.
The purpose of this opportunity is to allow impacted operators to move closer to compliance. According to the law, operators who decide not to regularize their status within this time frame may be subject to additional regulatory actions, Bello continued.
