The Federal Competition and Consumer Protection Commission (FCCPC) has begun phased enforcement actions against digital money lenders.
The enforcement targets lenders that failed to regularise their operations under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.
The commission said the regulations were introduced to address harassment, data breaches and other exploitative practices within Nigeria’s digital lending sector.
It stated that January 5, 2026, was set as the deadline for full compliance, with enforcement scheduled to begin immediately after the expiration of the grace period.
The FCCPC explained that all affected operators, including digital lending platforms, service partners and intermediaries, were required to complete their compliance processes before the deadline.
Ondaje Ijagwu, director of corporate affairs at the commission, said in a statement on Wednesday that conditional approvals previously granted to some digital money lenders had been withdrawn due to failure to complete the regularisation process within the transitional window.
“Consequently, such operators have been removed from the FCCPC’s published register of approved digital lenders, pending compliance with applicable regulatory requirements,” Ijagwu said.
Tunji Bello, executive vice chairman and chief executive officer of the FCCPC, said the enforcement exercise was necessary to give effect to the regulations and ensure regulatory certainty in the 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.
“The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.”
Bello said the commission’s register of approved lenders remains a key consumer information tool and advised Nigerians to be cautious when engaging lenders not listed on the current register.
“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,” he said.
The commission disclosed that it has also begun structured engagement with application hosting platforms and payment service providers as part of its monitoring and enforcement strategy.
It said further regulatory measures would be taken in accordance with the law and established procedures.
For operators provisionally categorised as eligible under transitional arrangements, the FCCPC said April 2026 has been fixed as the deadline to complete registration under the 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 said.
“Effective regulation depends on consistent application. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection under the law.”
The commission said the enforcement process is designed to promote market discipline, protect compliant operators from unfair competition and shield consumers from abusive, deceptive or unlawful practices.
FCCPC reaffirmed its commitment to fair competition, transparent regulation and consumer protection across Nigeria’s digital economy.