FCCPC issues Jan.5 deadline for digital lenders to comply with regulations

By Seun Ibiyemi

The Federal Competition and Consumer Protection Commission (FCCPC) has directed all digital lending operators in Nigeria to comply fully with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 by Monday, January 5, 2026.

The new regulation, which took effect on July 21, 2025, under the Federal Competition and Consumer Protection Act (FCCPA) 2018, is aimed at promoting fairness, transparency, and accountability within Nigeria’s rapidly growing digital lending industry.

According to the FCCPC, the move is part of its ongoing efforts to sanitize the sector, following persistent complaints from consumers over unethical practices by some online lenders, including data privacy violations, unauthorized deductions, and borrower harassment.

To support operators in meeting the new requirements, the Commission also released a supplementary document, the Guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025. 

The guidelines, issued under Sections 17 and 163 of the FCCPA, provide detailed compliance directions and updated versions of Forms 1 and 3, reflecting feedback from industry stakeholders.

The Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, stressed the importance of timely compliance, describing it as “not only a legal obligation but a critical step toward protecting consumers and fostering a fair and sustainable digital lending ecosystem.” 

He added that operators have had sufficient time to adjust and must fulfill all obligations before the deadline.

Bello assured that the Commission would continue to process all pending applications promptly, ensuring transparency and fairness throughout the compliance process.

The FCCPC warned that enforcement actions will begin immediately after the January 5, 2026 deadline, and non-compliant lenders risk being restricted from operation, with their partners or host platforms potentially directed to cease collaboration. Other sanctions available under the law may also be enforced.

All affected operators including lending platforms, intermediaries, and service partners are required to complete their compliance procedures before the deadline.

Copies of the guidelines, forms, and frequently asked questions (FAQs) are available on the Commission’s official website, fccpc.gov.ng, and operators can make further enquiries through its offices or designated communication channels.