FCCPC Axes Defaulting Digital Lenders From Register

The Federal Competition and Consumer Protection Commission (FCCPC) said it has begun delisting Digital Money Lending (DML) operators that failed to regularise their status under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

A statement signed by the FCCPC’s Executive Vice Chairman and CEO, Tunji Bello, on Wednesday noted that under the approved enforcement framework, the commission has withdrawn the conditionally approved status of DML operators that failed to complete the regularisation process within the transitional period.

The move was after the Commission set January 5, 2026, as the deadline for digital lenders to comply with its order.

Speaking on the enforcement measures yesterday, Bello said the actions were necessary to uphold the regulations and maintain regulatory certainty in Nigeria’s 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.

“The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity,” Bello said

According to the statement, the commission has also begun structured engagement with relevant application hosting platforms and payment service providers, as part of ongoing enforcement and compliance monitoring.

Additional regulatory steps will follow in accordance with the law.

For operators provisionally designated as eligible under transitional arrangements, the commission said it has set a new deadline of April 2026 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.

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He highlighted the importance of the register as a consumer guide. “The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as of the time of publication.

“Consumers were advised to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators,” he added.