FCCPC Sets Final Deadline for Digital Lenders

FCCPC Sets Final Deadline for Digital Lenders

The Federal Competition and Consumer Protection Commission (FCCPC) has established April 2026 as the final deadline for digital money lenders to regularize their operations.

This move follows the expiration of an initial January 5, 2026, compliance window under the new Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations (DEON).

Executive Vice Chairman Tunji Bello confirmed that enforcement has already begun against firms that missed the January deadline, leading to the withdrawal of several provisional approvals.

This new April window offers a final opportunity for lenders currently under transitional arrangements to complete their formal registration or face immediate removal from the approved registry.

The commission’s primary goal is to sanitize Nigeria’s digital credit market and shield consumers from the predatory and abusive practices often linked to “rogue” loan apps. By mandating strict registration, the FCCPC aims to balance consumer protection with the growth of a transparent and ethical fintech ecosystem.

To ensure effective compliance, the FCCPC is partnering with payment service providers and global platforms like the Google Play Store to block unauthorized apps.

This collaborative approach is designed to cut off the digital infrastructure that allows illegal lenders to reach the public and process transactions.

Lenders failing to meet the April deadline will face severe regulatory sanctions and permanent exclusion from the market. Meanwhile, the FCCPC advises the public to verify the registration status of any lending platform on its official website before committing to any financial agreements.