The Federal Competition and Consumer Protection Commission (FCCPC) has started taking action against Digital Money Lending (DML) operators that failed to meet the January 5 deadline to regularize their dealings with the commission.
According to the Director of Corporate Affairs, Mr. Ondaje Ijagwu, these operators have been removed from the FCCPC’s list of approved digital lenders.
The FCCPC’s Executive Vice Chairman, Mr. Tunji Bello, explained that this move is aimed at promoting discipline, transparency, and consumer confidence in the digital lending space, without disrupting legitimate business activities.
The commission has withdrawn the conditional approval status of non-compliant DML operators and will take further enforcement steps as needed.
Consumers are advised to be cautious when dealing with digital lenders not on the FCCPC’s approved list.
The commission’s register serves as a guide for the public to identify operators that have met regulatory requirements.
The FCCPC has also begun engaging with application hosting platforms and payment service providers to monitor compliance.
Operators provisionally designated as eligible have until April 2026 to regularize their registration under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).
