FCCPC removes defaulting digital lenders from register

… as compliance window closes

By Progress Godfrey

ABUJA — The Federal Competition and Consumer Protection Commission (FCCPC) has begun enforcing regulations against Digital Money Lending (DML) operators that failed to regularise their status under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

Vanguard recalls that the FCCPC had set January 5, 2026 as the deadline for digital lenders to comply with its order.

Under the approved enforcement framework, the commission said it has withdrawn the conditionally approved status of DML operators that failed to complete the regularisation process within the transitional period. The operators have also been removed from the FCCPC’s published register of approved digital lenders, pending compliance with regulatory requirements.

Speaking on the enforcement measures yesterday, FCCPC’s Executive Vice Chairman and CEO, Mr Tunji Bello, said the actions were necessary to uphold the regulations and maintain regulatory certainty in Nigeria’s digital lending market.

“The compliance window provided under the Regulations has now closed. At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process.

“The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity,” Bello said

Bello highlighted the importance of the register as a consumer guide. “The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as at the time of publication.

 Consumers are advised to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators,” he said.

According to the statement, the commission has also begun structured engagement with relevant application hosting platforms and payment service providers, as part of ongoing enforcement and compliance monitoring. 

Additional regulatory steps will follow in accordance with the law.

For operators provisionally designated as eligible under transitional arrangements, the commission said set a new deadline of April 2026 has been set to complete registration under the DEON Regulations.

“This window is provided to enable affected operators to take steps towards compliance. Operators that choose not to regularise their status within this period may be subject to further regulatory measures, as provided under the law,” Bello added.

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