FCCPC begins enforcement against non-compliant digital money lenders after January deadline

The Federal Competition and Consumer Protection Commission (FCCPC) has commenced a phased enforcement of regulatory measures against Digital Money Lending (DML) operators that failed to regularise their operations in line with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

The Commission said the compliance deadline expired on Monday, 5 January 2026, after which enforcement actions were triggered against defaulting operators.

In a statement signed by Ondaje Ijagwu, Director of Corporate Affairs, on Wednesday, the FCCPC said the move was aimed at giving full effect to the regulations and strengthening regulatory certainty in Nigeria’s fast-growing digital lending market.

Speaking on the commencement of enforcement, Tunji Bello, Executive Vice Chairman and Chief Executive Officer of the FCCPC, said the measures were necessary to uphold discipline, transparency and consumer confidence in the sector.

“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.

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As part of the enforcement framework approved by the Commission, Bello said the conditionally approved status earlier granted to some DML operators had been withdrawn, following their failure to complete the required regularisation process within the transitional period.

He added that such operators had consequently been removed from the FCCPC’s published register of approved digital lenders, pending full compliance with applicable regulatory requirements.

According to Bello, the FCCPC’s register remains a critical consumer information tool, designed to help members of the public identify digital lenders that meet regulatory standards.

“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.

The Commission also disclosed that it had begun structured engagements with relevant application hosting platforms and payment service providers as part of its enforcement and compliance monitoring activities.

It noted that additional regulatory steps would be taken in line with the law and established procedures.

For DML operators provisionally designated as eligible under transitional arrangements, the FCCPC has set April 2026 as the deadline to complete their registration under the DEON Regulations.