FCCPC Cracks Down on Non-Registered Digital Loan Apps Nationwide

FCCPC Cracks Down on Non-Registered Digital Loan Apps Nationwide

The Federal Competition and Consumer Protection Commission (FCCPC) has commenced full enforcement actions against non-registered digital money lenders operating illegally across Nigeria, following the expiration of its compliance deadline.

In a statement, the FCCPC confirmed that several digital loan apps and online lending platforms have been delisted after failing to meet the requirements of the Digital, Electronic, Online and Non-Traditional Consumer Lending (DEON) Regulations. The commission said operators without valid registration or conditional approval will no longer be allowed to conduct lending business in the country.

According to the FCCPC, the enforcement drive is aimed at protecting consumers from harassment, data privacy abuses, and predatory lending practices that have become common among unregulated digital lenders. The regulator disclosed that it is working closely with app stores, payment service providers, and other regulators to ensure that non-compliant loan apps are shut down and prevented from re-emerging under new identities.

READ ALSO:

• EFCC Witness Links Obasanjo to ₦17bn Mambilla Hydropower Budget
• Outrage in Kano as Gov Yusuf Vows Death Sentence for Chiranci Family Killers
• Saudi Arabia Backs Next Phase of Gaza Peace Plan, Supports Trump’s Board of Peace

FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, stressed that the action is not designed to stifle innovation but to restore confidence and transparency in Nigeria’s growing digital lending sector. He warned that continued violations could attract sanctions, including fines, suspension of operations, and legal action against directors of defaulting companies.

The commission added that digital lenders who were granted conditional approval but failed to complete full registration within the stipulated timeline have also been affected, as the FCCPC intensifies oversight of a sector that serves millions of Nigerians.

With the enforcement now underway, the FCCPC says it remains committed to ensuring that only licensed and compliant digital money lenders operate in Nigeria, while urging borrowers to verify lenders on the commission’s official register before taking loans.

FCCPC Cracks Down on Non-Registered Digital Loan Apps Nationwide