The Federal Competition and Consumer Protection Commission (FCCPC) has issued a directive requiring all digital lending operators in Nigeria to fully comply with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 effective from Monday, January 5, 2026 to ensure transparency in all dealings in the nation’s digital payment system.
The commission stated that the new regulations, which took effect on July 21, 2025, under the Federal Competition and Consumer Protection Act (FCCPA) 2018, was aimed at promoting fairness, transparency, and accountability across Nigeria’s digital lending ecosystem.
It added that the regulatory measure also formed part of its sustained consumer protection initiatives to sanitize the sector following years of their complaints about unethical practices among online lenders, including data breaches, unauthorized deductions, and harassment of borrowers.
To facilitate easy compliance with the new regulation, the Commission has released an additional instrument titled “Guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025”.
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Specifically, the guidelines, issued under Sections 17 and 163 of the FCCPA, provide detailed directions for digital lenders, including documentation requirements and updated versions of Forms 1 and 3.
The FCCPC clarified that the updated forms and processes were developed in response to feedback from industry stakeholders, adding that applicants with pending submissions are also permitted to provide any additional information required under the new guidelines without waiting for formal requests from the Commission.
Commenting on the latest regulatory move of the commission, the Executive Vice Chairman, Mr. Tunji Bello, harped on the importance of timely compliance, pointing out that full compliance is not only a legal requirement but an important step in protecting consumers and ensuring that the sector continues to grow in a fair and responsible manner.
According to him, digital payment operators have had adequate time to adjust to the regulations and the additional guidance now provided and therefore the FCCPC expects all obligations to be met before the deadline.
The EVC maintained that the Commission would continue to transparently and promptly process all pending applications to ensure that no operator is unduly delayed in meeting the new compliance standards.
On the enforcement of the new regulations, the FCCPC stated that enforcement actions would begin immediately after the January 5, 2026, deadline.
It cautioned that non-compliant entities risk being restricted from operation, while their partners or platforms may be directed to cease dealings with them even as other sanctions permitted under the law may also be applied.
The commission advised all affected operators, including lending platforms, intermediaries, and service partners, to complete their compliance obligations before the January 5, 2026 timeline set for the commencement of the regulations.
The Commission disclosed that copies of the Guidelines, Forms, and Frequently Asked Questions (FAQs) on the regulations were available on its official website fccpc.gov.ng., adding that operators can also make enquiries through FCCPC offices nationwide or through other official communication channels listed on the website.
