The Federal Competition and Consumer Protection Commission (FCCPC) has begun a phased enforcement of regulatory measures against Digital Money Lending (DML) operators that failed to regularize their operations under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).
In a statement issued on Wednesday, the Commission’s spokesperson, Ondaje Ijagwu, said the enforcement follows the expiration of the compliance deadline, which was set for Monday, 5 January 2026.
Commenting on the development, the FCCPC’s Executive Vice Chairman and Chief Executive Officer, Mr. Tunji Bello, explained that the enforcement action is necessary to give effect to the regulations and ensure regulatory certainty within Nigeria’s digital lending market, in line with the Commission’s statutory mandate.
“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,” Bello said. “The objective is to promote discipline, transparency, and consumer confidence in the digital lending space, not to disrupt legitimate business activity.”
As part of the approved enforcement framework, the FCCPC has withdrawn the conditional approvals previously granted to DML operators that failed to complete the required regularization process within the transitional period. These operators have consequently been removed from the Commission’s published register of approved digital lenders, pending full compliance with regulatory requirements.
Bello noted that the FCCPC’s register serves as a critical consumer information tool, advising the public to exercise caution when engaging with digital lenders not listed among approved operators.
“The register is intended to guide consumers on operators that have met applicable regulatory requirements as at the time of publication,” he said.
The Commission has also initiated structured engagement with relevant application hosting platforms and payment service providers as part of its enforcement and compliance monitoring efforts. Additional regulatory actions will be taken in line with existing laws and established procedures.
For operators provisionally designated as eligible under transitional arrangements, the FCCPC has set April 2026 as the deadline to complete registration under the DEON Regulations. Bello noted that failure to regularize within this period may attract further regulatory measures.
The FCCPC emphasized that the enforcement process aims to strengthen market discipline, protect compliant operators from unfair competition, and shield consumers from abusive, deceptive, or unlawful practices.
“Effective regulation depends on consistent application. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection under the law,” Bello added.
