FCCPC Cracks Down on Digital Loan Apps, Removes Non-Compliant Lenders From Approved List

The Federal Competition and Consumer Protection Commission has begun phased enforcement actions against digital money lenders that failed to comply with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.

Digital lenders were previously given until January 5, 2026 to regularise their operations in line with the new regulatory framework. With the compliance window now closed, the Commission has moved to enforce the rules to ensure order, transparency, and accountability within Nigeria’s rapidly growing digital lending market.

In a statement issued by the Executive Vice Chairman and Chief Executive Officer of the Commission, Tunji Bello, the FCCPC said the enforcement drive is aimed at giving full effect to the regulations while ensuring regulatory certainty for both operators and consumers.

Bello disclosed that the Commission has withdrawn the conditional approvals earlier granted to some digital lenders that failed to complete the regularisation process within the transitional period. As a result, such operators have been removed from the FCCPC’s published register of approved digital money lenders pending full compliance with the requirements of the regulations.

He explained that the published register serves as an important consumer protection tool, helping members of the public identify digital lenders that currently meet regulatory standards. Consumers were advised to be cautious when dealing with any operator not listed on the Commission’s updated register.

The FCCPC further revealed that it has commenced structured engagements with app hosting platforms and payment service providers as part of broader compliance monitoring efforts. According to the Commission, additional regulatory measures may follow in line with established legal procedures.

For operators that were provisionally classified as eligible under transitional arrangements, the Commission set April 2026 as the final deadline to complete full registration under the regulations. Bello warned that failure to meet this deadline could result in further enforcement actions.

The Commission noted that the enforcement exercise is designed to strengthen market discipline, protect compliant operators from unfair competition, and shield consumers from exploitative, deceptive, or unlawful lending practices that have been associated with some digital lending platforms.

Reaffirming its commitment to consumer protection and fair competition, the FCCPC stated that effective regulation of digital lenders is critical to maintaining trust and stability within Nigeria’s expanding digital financial services ecosystem.