FCCPC has set final deadline for digital lenders to fully comply with new consumer lending regulations.
NaijaOnPoint Nigeria reports that the Federal Competition and Consumer Protection Commission (FCCPC) has directed all digital lending operators in Nigeria to achieve full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 by Monday, January 5, 2026.
According to a statement issued by the Commission, the new regulations effective July 21, 2025, under the Federal Competition and Consumer Protection Act (FCCPA) 2018 aim to promote fairness, transparency, and accountability across Nigeria’s fast-growing digital lending sector.
The FCCPC said the directive forms part of its ongoing efforts to sanitize the online lending space following widespread reports of unethical practices, including data breaches, unauthorized deductions, and borrower harassment.
Additional Compliance Guidelines Released
To support digital lenders in meeting the new requirements, the Commission also unveiled a complementary document titled “Guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.”
Issued under Sections 17 and 163 of the FCCPA, the guidelines outline detailed compliance steps, including documentation procedures and updated versions of Forms 1 and 3. The FCCPC stated that these updates were developed after reviewing feedback from stakeholders and allow lenders with pending applications to submit additional information without waiting for official notifications.
FCCPC Chairman Issues Warning on Deadline
The Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, emphasized that compliance is both a legal obligation and a consumer protection measure critical to maintaining trust in Nigeria’s lending ecosystem.
“Full compliance is not only a legal requirement but also an important step in protecting consumers and ensuring that the sector grows in a fair and responsible manner,” Bello said.
“Operators have had ample time to adjust to the regulations and the new guidance. We expect all obligations to be met before the deadline.”
He further assured that all pending applications will be processed transparently and promptly to ensure a smooth transition for legitimate lenders.
Strict Enforcement to Begin After Deadline
The FCCPC warned that enforcement actions will commence immediately after the January 5, 2026 deadline. Non-compliant companies may face operational restrictions, while their partners and platforms could be instructed to cease collaborations with them. Other legal sanctions may also apply under the FCCPA.
The directive covers all digital lending platforms, intermediaries, and service partners, who must complete their compliance requirements before the stated deadline.
Copies of the regulations, guidelines, and FAQs are available on the Commission’s official website, fccpc.gov.ng, and through its nationwide offices.
Background: Rapid Growth and Rising Risks in Digital Lending
Nigeria’s digital lending industry has witnessed rapid expansion in recent years, driven by growing demand for instant credit access among individuals excluded from traditional banking services.
According to Naijaonpoint, the number of approved digital lenders in Nigeria rose from 320 in 2024 to 425 by May 2025. While this surge improved financial inclusion, it also led to concerns over excessive interest rates, aggressive debt recovery practices, and inadequate data protection.
The FCCPC says its latest measures are designed to strike a balance between industry innovation and consumer protection, ensuring that digital credit remains both accessible and ethical.