FCCPC Issues Fresh Regulations to Strengthen Digital Lending Practices in Nigeria

FCCPC Issues Fresh Regulations to Strengthen Digital Lending Practices in Nigeria

By Blessing Eze 



The Federal Competition and Consumer Protection Commission (FCCPC) has introduced new regulations designed to promote transparency, consumer protection, and ethical practices within Nigeria’s rapidly expanding digital lending sector.

The framework outlines clear requirements covering registration, data privacy, ethical loan recovery, fair interest rates, and responsible lending. Among the key provisions are the prohibition of pre-authorized or automatic lending, mandatory disclosure of loan terms in simple and accessible language, and a ban on misleading or unethical marketing strategies.

In addition, the regulations stipulate that at least one service provider involved in airtime or data lending must be locally owned. They also mandate joint registration for all lender partnerships and prohibit monopolistic or dominance-driven agreements unless expressly approved by the Commission.

All digital lenders are required to register with the FCCPC within 90 days of the commencement of the regulations. Approval will be granted only to operators that meet standards of consumer protection, data compliance, and operational transparency. Defaulters risk heavy penalties, including fines of up to ₦100 million or 1% of annual turnover, as well as the possible disqualification of directors from holding office for a period of up to five years.

The FCCPC has called on all stakeholders in the sector — including Mobile Money Operators (MMOs), Digital Money Lenders (DMLs), and other service partners — to obtain application forms, compliance guidelines, and registration details via the Commission’s official website, www.fccpc.gov.ng.

Meanwhile, consumers are encouraged to play an active role in safeguarding their rights by reporting unlawful or unregistered lending operators, exploitative interest rates, or data privacy violations through the FCCPC’s complaint portal at lenderstaskforce@f

ccpc.gov.ng.

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