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From Fred Ezeh, Abuja
The Federal Competition and Consumer Protection Commission (FCCPC) has announced a phased implementation of enforcement measures against Digital Money Lending (DML) operators that did not regularise their status in accordance with the Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).
In a statement on Wednesday, the FCCPC said the Monday, 5 January 2026, deadline had elapsed; hence, the Commission had withdrawn the conditionally approved status previously granted to certain DML operators that did not complete the required regularisation process within the transitional period.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr Tunji Bello, stated that the actions were necessary to give effect to the regulations and to maintain regulatory certainty in Nigeria’s digital lending market, in line with the Commission’s statutory mandate.
He said: “The compliance window provided under the regulations has 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.
“Consequently, such operators have been removed from the FCCPC’s published register of approved digital lenders, pending compliance with applicable regulatory requirements.”
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Mr Bello noted that the Commission’s published register often serves as an important consumer information tool. “It’s intended to guide the public on operators that have met the applicable regulatory requirements as at the time of publication.”
He advised consumers to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators.
Meanwhile, the Commission said it has also commenced structured engagement with relevant application hosting platforms and payment service providers, consistent with its statutory functions, as part of ongoing enforcement and compliance monitoring activities. “Further regulatory steps will be undertaken in accordance with law and established procedures,” he noted.
The FCCPC emphasised that the ongoing enforcement process is intended to support market discipline, protect compliant operators from unfair competitive practices, and safeguard consumers from abusive, deceptive, or unlawful conduct.
“Effective regulation depends on consistent application. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection under the law,” Mr Bello added.
He reaffirmed the Commission’s commitment to transparent regulation, fair competition, and effective consumer protection across Nigeria’s digital economy.
