By Nkechi Eze
The Federal Competition and Consumer Protection Commission (FCCPC) has commenced a phased enforcement of regulatory measures against Digital Money Lending (DML) operators that failed to regularise their operations in line with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations), following the expiration of the compliance deadline on Monday, January 5, 2026.
In an official statement signed by the Commission’s Head of Corporate Communications, Ondaje Ijagwu, the FCCPC said the enforcement drive became necessary to give full effect to the new regulatory framework and to ensure order, transparency, and consumer protection within Nigeria’s fast-growing digital lending market.
Speaking on the commencement of enforcement actions, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, explained that the compliance window provided under the Regulations has now closed, compelling the Commission to activate enforcement measures in line with its statutory mandate.
“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,” Mr. Bello said. “The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.”
As part of the approved enforcement framework, the FCCPC has withdrawn the conditionally approved status previously granted to certain digital lenders that failed to complete the required regularisation process within the transitional period. As a result, such operators have been removed from the Commission’s published register of approved digital lenders, pending their compliance with applicable regulatory requirements.
Mr. Bello noted that the FCCPC’s published register plays a critical role as a consumer protection and information tool, guiding members of the public on digital lenders that have met regulatory standards.
“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. Consumers are advised to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators,” he stated.
In furtherance of its enforcement and compliance monitoring efforts, the Commission has also commenced structured engagement with relevant application hosting platforms and payment service providers, consistent with its statutory powers. The FCCPC said additional regulatory actions would be taken as necessary, in accordance with the law and established procedures.
For digital lenders provisionally designated as eligible under transitional arrangements, the Commission has set a new deadline of April 2026 to fully regularise their 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,” Mr. Bello warned.
The FCCPC stressed that the ongoing enforcement process is designed to entrench market discipline, protect compliant operators from unfair competition, and shield consumers from abusive, deceptive, or unlawful lending practices.
“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.
The Commission reaffirmed its commitment to transparent regulation, fair competition, and robust consumer protection across Nigeria’s digital economy, noting that enforcement of the DEON Regulations marks a critical step toward sanitising the digital lending space.
