Cynthia Ezegwu
The Federal Competition and Consumer Protection Commission (FCCPC) has announced January 5, 2026, as the deadline for all digital lending platforms and intermediaries in Nigeria to comply fully with its new consumer lending regulations.
The directive, contained in a statement issued on Thursday by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, marks a major step in the Federal Government’s efforts to curb unethical practices and promote transparency in the fast-growing digital lending sector.
The new regulations, titled Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, took effect on July 21, 2025, under the Federal Competition and Consumer Protection Act (FCCPA) 2018.
According to the statement, the regulations aim to ensure fairness, accountability, and responsible conduct within Nigeria’s digital lending ecosystem. To facilitate compliance, the Commission has also released detailed Guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, issued under Sections 17 and 163 of the FCCPA.
“The Federal Competition and Consumer Protection Commission has set Monday, 5 January 2026, as the deadline for full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025,” the statement read. “The regulations aim to promote fairness, transparency, and accountability across Nigeria’s growing digital lending market.”
The Commission explained that the new guidelines provide clarity on documentation requirements, compliance procedures, and introduce updated registration forms for operators. Pending applicants are encouraged to submit any additional information required without waiting for formal requests.
The Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, said the compliance timeline was designed to give operators adequate time to align their operations with the new framework.
“Full compliance is not only a legal requirement but an important step in protecting consumers and ensuring that the sector continues to grow fairly and responsibly,” Bello said. “Operators have had ample time to adjust to the regulations and the additional guidance now provided. We expect all obligations to be met before the deadline.”
The FCCPC warned that enforcement actions would begin immediately after the deadline, with penalties including operational restrictions, suspension of non-compliant entities, and possible prosecution under the FCCPA.
Copies of the new guidelines, updated forms, and frequently asked questions are available on the Commission’s website and at its offices nationwide.
Nigeria’s digital lending industry has expanded rapidly in recent years, driven by widespread smartphone adoption and the demand for quick access to credit. However, this growth has been marred by reports of consumer abuse, privacy violations, and unethical recovery methods by unlicensed lenders, popularly known as “loan sharks.”
READ ALSO: FCCPC Seals Five Kano Textile Warehouses Over Customers Exploitation
In response, the FCCPC launched a joint task force in 2022 in collaboration with the Central Bank of Nigeria (CBN), the National Information Technology Development Agency (NITDA), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to enforce standards and eliminate predatory practices.
The Commission subsequently introduced an interim registration framework for digital lenders, requiring operators to obtain approval before offering services.
Despite these interventions, several entities continued operating illegally, prompting the rollout of the more comprehensive 2025 regulations and accompanying guidelines to permanently sanitise the market.
As of November 2025, a total of 438 digital lending companies have received full approval from the FCCPC, marking a significant increase in the number of licensed operators in Nigeria’s online lending space.