The FCCPC starts to crack down on online money lenders.
In an effort to punish Digital Money Lending (DML) operators for not regularizing their interactions with the Federal Competition and Consumer Protection Commission (FCCPC), enforcement actions have been initiated.
In a circular released in Abuja on Wednesday, Mr. Ondaje Ijagwu, Director of Corporate Affairs at the FCCPC, stated that the commission has taken these operators off its list of authorized digital lenders.
According to Ijagwu, the operators had until January 5th to regularize their transactions.
According to Ondaje, the regularization complied with the 2025 Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations (DEON Regulations).
He cited Mr. Tunji Bello, Executive Vice Chairman of the FCCPC, as stating that the measures were required to uphold regulatory certainty in the nation’s digital lending industry and to put the regulations into force.
According to Bello, the goal was not to interfere with lawful business operations but rather to foster discipline, openness, and customer confidence in the digital lending sector.The Regulations’ compliance window is now closed.
“At this point, the commission is taking the proper enforcement actions in a fair, orderly, and due process-compliant manner.”The commission has removed the conditionally approved status that was previously given to some DML operators who failed to finish the necessary regularization procedure during the transitional period as part of the approved enforcement framework.
As a result, he stated, “such operators have been removed from the FCCPC’s published register of approved digital lenders, pending compliance with applicable regulatory requirements.”
According to Bello, the commission’s published register was a crucial source of consumer information.
When interacting with digital lenders who are not already listed on the Commission’s list of authorized operators, he cautioned consumers.
He claims that the purpose of the FCCPC’s register is to inform the public about operators who, at the time of publishing, have complied with all applicable regulations.
As part of continuous enforcement and compliance monitoring efforts, he said the commission has also begun organized contact with pertinent application hosting platforms and payment service providers.Additional regulatory actions will be conducted in compliance with established protocols and the law.
“The commission has set a deadline of April 2026 for individuals who have been provisionally designated as eligible under transitional arrangements to regularize their registration under the DEON Regulations.”He explained, “This window is provided to enable affected operators to take steps towards compliance.”
The commission reiterated its dedication to effective consumer protection, fair competition, and transparent regulation throughout the nation’s digital economy.
