ABUJA, Nigeria – The Federal Competition and Consumer Protection Commission (FCCPC) has introduced new rules to curb abuses in Nigeria’s digital lending sector.
In a statement issued on Wednesday by Director of Corporate Affairs, Ondaje Ijagwu, the Commission said the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025 took effect on 21 July.
Executive Vice Chairman and Chief Executive Officer, Mr Tunji Bello, said the regulations were necessary to end harassment, data breaches and exploitative practices. He noted: “These regulations draw a clear line that innovation is welcome, but not at the expense of rights and dignity of consumers.”
The framework covers unsecured consumer lending through electronic, online and mobile platforms. It requires registration, transparency, fair interest rates, ethical recovery methods and compliance with data protection standards.
Under the provisions, digital lenders must register with the FCCPC within 90 days or face sanctions, including fines of up to ₦100 million or 1% of turnover. Non-compliant directors risk disqualification for up to five years.
The Commission urged consumers to report unlawful or unregistered lenders, unfair charges or privacy violations through its complaint portal at lenderstaskforce@fccpc.gov.ng.
