FCCPC Introduces New Rules to Regulate Digital Lenders

The Federal Competition and Consumer Protection Commission has introduced new rules to regulate digital lenders and protect consumers from harassment and unethical practices. The Commission said the regulations, known as the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulation 2025, took effect on 21 July.

FCCPC Executive Vice Chairman Tunji Bello, who unveiled the framework in Abuja, said Nigerians had endured years of intimidation and data breaches by unregulated lenders. He explained that the rules now provide legal tools to hold violators accountable and ensure responsible digital finance.

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The Commission stated that all digital lenders must register within 90 days of commencement, with approvals subject to meeting standards of transparency, consumer protection, and data compliance. Offenders face penalties of up to 100 million naira or one percent of turnover, in addition to possible director disqualification for five years.

The regulations also prohibit automatic lending, unethical marketing, and unfair terms. They require at least one locally owned provider for airtime and data loans, mandate joint registration for lender partnerships, and restrict monopolistic agreements without prior FCCPC approval. Consumers have been urged to report unlawful lenders and privacy violations.