The Federal Competition and Consumer Protection Commission (FCCPC) has set January 5, 2026, as the deadline for all digital lending platforms and intermediaries in Nigeria to fully comply with its new consumer lending regulations.
The directive, announced on Thursday by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, is part of the Federal Government’s effort to curb unethical practices in Nigeria’s rapidly expanding digital lending sector.
The new regulations, which took effect on July 21, 2025, under the Federal Competition and Consumer Protection Act (FCCPA) 2018, aim to ensure fairness, transparency, and accountability across the lending ecosystem.
To aid implementation, the Commission has also released 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 practical direction for operators, outline documentation requirements, and include updated Forms 1 and 3 developed from stakeholder feedback.
According to the statement, applicants with pending submissions may supplement their applications with any additional information required under the new guidelines without waiting for formal notification. The FCCPC assured stakeholders that it would continue to process applications transparently and efficiently.
The Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, emphasized the importance of meeting the compliance deadline. “Full compliance is not only a legal requirement but a crucial step in protecting consumers and ensuring that the sector grows fairly and responsibly. Operators have had ample time to adjust to the new regulations, and we expect all obligations to be met before the deadline,” he said.
The Commission warned that enforcement actions would begin immediately after January 5, 2026. Sanctions may include operational restrictions, suspension of non-compliant entities, and possible prosecution under the FCCPA.
Nigeria’s digital lending market has expanded rapidly in recent years, driven by mobile technology and demand for quick-access loans. However, the sector has been marred by consumer abuse, data breaches, and aggressive debt recovery methods by unlicensed operators, commonly known as “loan sharks.”
In response, the FCCPC, in collaboration with the Central Bank of Nigeria, NITDA, and ICPC, launched a joint task force in 2022 to sanitize the sector. This led to an interim registration framework and the eventual introduction of the 2025 Regulations and Guidelines.
As of November 2025, 438 digital lending companies have received full approval from the Commission — a significant milestone in the ongoing effort to regulate Nigeria’s online lending industry.
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