The Federal Competition and Consumer Protection Commission (FCCPC) has launched a phased enforcement operation against Digital Money Lending (DML) operators failing to comply with Nigeria’s new regulatory framework.
The move follows the expiration of the January 5, 2026, deadline for lenders to regularize their operations under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).
In a statement released by Director of Corporate Affairs, Ondaje Ijagwu, the Commission confirmed it has already begun withdrawing the conditional approvals of several operators. These lenders have been removed from the FCCPC’s official register of approved digital lenders and will remain delisted until they meet all regulatory requirements.
The Executive Vice Chairman and CEO of the FCCPC, Mr. Tunji Bello, stated that the enforcement is essential for maintaining “regulatory certainty” and protecting the public.
“The compliance window provided under the Regulations has now closed,” Mr. Bello said. “At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process.”
He emphasized that the objective is to promote discipline and consumer confidence rather than to disrupt legitimate businesses.
As part of the crackdown, the FCCPC is engaging with payment service providers and application hosting platforms—such as the Google Play Store and Apple App Store—to restrict the activities of non-compliant apps.
The Commission also addressed operators currently holding provisional eligibility. These firms have been granted a final window until April 2026 to complete their full registration. Mr. Bello warned that those who fail to regularize within this extended period would face further regulatory measures provided by law.
The DEON Regulations 2025 were introduced to curb predatory lending practices, including the unauthorized harvesting of consumer data and the use of defamatory debt-recovery tactics.
The FCCPC has advised Nigerian consumers to exercise extreme caution and only patronize lenders listed on the Commission’s current approved register to avoid falling victim to abusive or deceptive conduct.
