The Federal Competition and Consumer Protection Commission (FCCPC) has commenced a phased enforcement action against digital money lending companies that failed to comply with Nigeria’s updated regulatory requirements.
The action follows the lapse of the compliance deadline of Monday, 5 January 2026, as provided under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations). This was disclosed in a statement issued by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu.
Commenting on the development, the FCCPC’s Executive Vice Chairman and Chief Executive Officer, Mr Tunji Bello, said the enforcement exercise was essential to restore order and regulatory clarity within the digital lending sector.
According to him, the period granted for operators to regularise their activities had elapsed, necessitating the commencement of enforcement measures in line with due process. He stressed that the Commission’s intention was to strengthen transparency, discipline, and consumer trust rather than disrupt legitimate lending businesses.
As part of the exercise, the FCCPC has revoked the provisional approvals previously granted to digital lenders that failed to complete the regularisation process within the transition window. These operators have also been delisted from the Commission’s official register of approved digital lenders until they achieve full compliance.
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Mr Bello explained that the register serves as an important consumer protection tool, advising members of the public to exercise caution when engaging lenders not listed as approved operators.
The Commission further revealed that it has begun coordinated engagement with application hosting platforms and payment service providers to support ongoing compliance monitoring and enforcement efforts. Additional regulatory actions, it said, will be implemented in accordance with existing legal procedures.
For operators granted provisional eligibility under transitional arrangements, the FCCPC has fixed April 2026 as the final deadline for compliance with the DEON Regulations. Mr Bello warned that failure to regularise within the stipulated period could attract further regulatory sanctions.
The FCCPC emphasised that the enforcement initiative is designed to promote fair competition, protect compliant operators, and safeguard consumers from exploitative and unlawful lending practices.
Reaffirming its mandate, the Commission said it remains committed to transparent regulation, competitive markets, and robust consumer protection as Nigeria’s digital economy continues to expand.
