The Federal Competition and Consumer Protection Commission (FCCPC) has commenced enforcement actions against digital money lenders that failed to regularise their operations within the timeframe stipulated by the 2025 Digital Lending Rules, signaling a firmer regulatory posture in Nigeria’s fast-growing digital finance space.
In a notice issued on its official X handle, the Commission confirmed that the compliance window for affected operators expired on January 5, 2026, paving the way for sanctions against defaulting platforms.
Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr Tunji Bello, said the enforcement drive was imperative to uphold regulatory certainty and reinforce discipline within the digital lending market, in line with the Commission’s statutory responsibilities.
According to him, the transition period granted under the new regulations has elapsed, leaving the Commission with no option but to activate enforcement measures that are fair, structured and consistent with due process. He stressed that the objective is not to stifle legitimate business, but to entrench transparency and restore consumer confidence in the sector.
As part of the initial measures, the FCCPC has withdrawn the conditional approvals earlier granted to some digital money lenders that failed to complete their regularisation within the approved timeline. These operators have consequently been delisted from the Commission’s official register of approved digital lenders.
A statement signed by the FCCPC’s Director of Corporate Affairs, Mr Ondaje Ijagwu, noted that the published register remains a critical consumer protection tool, designed to guide the public towards lenders that have met regulatory requirements.
Mr Bello advised consumers to exercise caution when engaging with loan apps that do not feature on the Commission’s current list, warning that such platforms may be operating outside the law.
Beyond delisting, the FCCPC disclosed that it has begun structured engagements with application hosting platforms and payment service providers as part of broader compliance monitoring and enforcement efforts. Further regulatory steps, it added, will follow established legal procedures.
For operators granted provisional eligibility under transitional arrangements, the Commission has fixed April 2026 as the final deadline to complete their registration under the applicable regulations. Bello warned that failure to comply within this extended window could attract stiffer regulatory action.
He reiterated that consistent enforcement is essential to protect compliant operators from unfair competition while shielding consumers from abusive and deceptive lending practices.
Data from the Commission indicate that by early January 2026, the number of registered digital lenders had risen to 521, with most enjoying full approval status. However, over 100 unregistered loan apps remain on the FCCPC’s watch list, underscoring the scale of the compliance challenge.
The Commission reaffirmed its commitment to transparent regulation, fair competition and robust consumer protection as Nigeria’s digital economy continues to evolve.
