The Federal Competition and Consumer Protection Commission (FCCPC) has directed all digital money lenders in Nigeria to formally register within 90 days or face sanctions that could include fines of up to ₦100 million, disqualification of directors for up to five years, or outright deregistration.
The directive forms part of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulation (DEON Consumer Lending Regulation) 2025, which was recently gazetted to curb unethical practices in the fast-growing sector.
In Abuja, FCCPC Chief Executive Tunji Bello emphasised that the Commission would no longer tolerate the harassment, data breaches, and predatory conduct associated with unregulated digital lenders.
“For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders. These regulations draw a clear line that innovation is welcome, but not at the expense of the rights and dignity of consumers or the rule of law.
“These Regulations provide the legal tools to hold violators accountable and promote responsible digital finance. No consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending,” Bello stated.
The rules, which took effect on July 21, 2025, mandate lenders to disclose loan terms clearly, avoid pre-authorised or automatic loans, and adopt ethical recovery practices. They also forbid anti-competitive arrangements and require at least one locally owned operator for airtime or data lending.
Digital Money Lenders (DMLs), Mobile Money Operators (MMOs), and their partners must jointly register with the FCCPC before commencing operations. Consumers have been encouraged to report misconduct or illegal operators through the FCCPC complaint channel: lenderstaskforce@fccpc.gov.ng.
