FCCPC sets deadline for full compliance on digital lending regulations

From Fred Ezeh, Abuja

The Federal Competition and Consumer Protection Commission (FCCPC) has declared January 5, 2026, as the deadline for full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.

Executive Vice Chairman of the FCCPC Mr Tunji Bello, in a statement released in Abuja on Thursday by Ondaje Ijagwu, Director, Corporate Affairs, FCCPC, urged concerned operators, including lending platforms, service partners, and intermediaries, to complete their compliance obligations by 5 January 2026, stressing that enforcement will begin immediately after the deadline.

He confirmed that sanctions may include restricting non-compliant entities from operating, directing partners or platforms to cease dealing with them, and applying other sanctions permitted under the magnitudes of the law.

He further explained that full compliance is not only a legal requirement but an important step in protecting consumers and ensuring that the sector continues to grow in a fair and responsible manner.

Mr Bello recalled that the regulations came into effect on 21 July 2025 under the Federal Competition and Consumer Protection Act (FCCPA) 2018, and were designed to promote fairness, transparency, and accountability across Nigeria’s growing digital lending market.

“But to support operators in meeting the required standards, the Commission issued an additional instrument, the Guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, made under sections 17 and 163 of the FCCPA.

“This document provides practical direction for lenders and intermediaries, explains the documentation required, and introduces updated Forms 1 and 3 based on feedback received from stakeholders.

“Operators have had ample time to adjust to the regulations and the additional guidance now provided. We expect all obligations to be met before the deadline.

“Applicants with pending submissions may provide any additional information required under the new guidelines without waiting for a formal request. The Commission will continue to process applications promptly and maintain a transparent review process,” he said.

He maintained that the FCCPC is committed to promoting responsible digital lending practices that protect consumers and support confidence in the financial technology sector.