The Federal Competition and Consumer Protection Commission (FCCPC) has officially gazetted new regulations governing digital and non-traditional lending in Nigeria, effective July 21, 2025.
The Executive Vice Chairman and Chief Executive Officer, Mr. Tunji Bello, said the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON Consumer Lending Regulation), 2025 create a robust legal framework to register, monitor, and sanction all digital lenders.
According to a statement signed by Director of Corporate Affairs, Ondaje Ijagwu, Bello stressed that Nigerians have for too long endured harassment, data breaches, and unethical practices by unregulated digital lenders.
He added that while innovation is welcome, it must not come at the expense of consumer rights and dignity.Under the new rules, all digital lenders must register with the FCCPC within 90 days, meeting strict consumer protection, transparency, and data compliance standards.
Defaulters face penalties, including fines of up to N100 million or 1% of turnover, as well as potential director disqualification for up to five years.
The regulations prohibit automatic lending, mandate fair interest rates, require transparent loan terms, ban unethical marketing, and compel local ownership for airtime and data lending providers.
All partnerships between lenders must be jointly registered, while monopolistic agreements require prior FCCPC approval.
The FCCPC urged Mobile Money Operators (MMOs), Digital Money Lenders (DMLs), and service partners to visit its website for application forms and compliance guidelines.
Consumers are encouraged to report illegal lenders, unfair rates, or privacy violations via the Commission’s complaint portal: [lenderstaskforce@fccpc.gov.ng](mailto:lenderstaskforce@fccpc.gov.ng).
Bello described the regulations as a landmark step toward safeguarding consumers and ensuring responsible growth in Nigeria’s fast-expanding digital credit market.