The Federal Competition and Consumer Protection Commission (FCCPC) has withdrawn the conditional approval granted to several digital money lending (DML) operators that failed to complete their regularisation process within the approved transitional period.
This was disclosed in a statement signed by the FCCPC’s Executive Vice Chairman and Chief Executive Officer, Mr Tunji Bello, on Wednesday.
According to the statement, the action followed the expiration of the compliance deadline set by the Commission for January 5, 2026, after which enforcement measures were activated.
Speaking on the development, Bello said the decision was necessary to uphold existing regulations and ensure regulatory certainty in Nigeria’s digital lending market.
“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.
He explained that the objective of the enforcement was not to disrupt legitimate business operations but to promote discipline, transparency, and consumer confidence within the digital lending space.
Bello added that the Commission had commenced structured engagement with relevant application hosting platforms and payment service providers as part of its ongoing enforcement and compliance monitoring efforts.
He noted that additional regulatory actions would be taken in line with applicable laws.
For digital lenders provisionally designated as eligible under the transitional arrangements, the FCCPC announced a new deadline of April 2026 to complete registration under the Digital Economy Operations and Networks (DEON) Regulations.
“This window is provided to enable affected operators to take steps towards compliance. Operators that choose not to regularise their status within this period may be subject to further regulatory measures, as provided under the law,” Bello stated.
The FCCPC boss also highlighted the importance of the Commission’s register as a consumer protection tool.
“The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as of the time of publication,” he said.
He advised consumers to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators.
