The Federal Competition and Consumer Protection Commission (FCCPC) has commenced a phased implementation of enforcement measures against Digital Money Lending (DML) operators that failed to regularise their operations in line with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations), following the expiration of the January 5, 2026 compliance deadline, as disclosed in a statement on Wednesday by the Commission’s spokesperson, Ondaje Ijagwu, with the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, explaining that the enforcement actions are necessary to give effect to the regulations and ensure regulatory certainty in Nigeria’s digital lending market, noting that “The compliance window provided under the Regulations has now closed. At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process,” while stressing that “The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity,” as he revealed that the Commission has withdrawn the conditional approval previously granted to some DML operators who failed to complete the required regularisation process within the transitional period, leading to their removal from the FCCPC’s published register of approved digital lenders pending compliance with applicable requirements, adding that the register serves as a vital consumer information tool and warning that “Consumers are advised to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators,” while also announcing that the FCCPC has begun structured engagements with application hosting platforms and payment service providers as part of its enforcement and compliance monitoring activities, with further regulatory steps to be taken in line with the law, even as provisionally eligible operators under transitional arrangements have been given until April 2026 to regularise their registration, with Bello cautioning that “Operators that choose not to regularize their status within this period may be subject to further regulatory measures, as provided under the law,” and reaffirming that the enforcement process is aimed at strengthening market discipline, protecting compliant operators from unfair competition and safeguarding consumers from abusive, deceptive or unlawful practices, insisting that “Effective regulation depends on consistent application. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection under the law.”
