The Federal Competition and Consumer Protection Commission (FCCPC) has unveiled new regulations designed to curb harassment, data breaches, and other unethical practices by digital lenders in Nigeria.
In a statement signed by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission announced that the framework — the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON Consumer Lending Regulation), 2025 — took effect on 21 July 2025. The announcement was made by FCCPC’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, during a briefing in Abuja on Wednesday.
“For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders,” Bello said. “These regulations make it clear that innovation is welcome, but never at the expense of consumer rights or the rule of law. The rules give us the legal tools to hold violators accountable and ensure responsible digital finance.”
The regulation requires all digital lenders to register with the FCCPC within 90 days, with approvals contingent on meeting standards of transparency, data compliance, and consumer protection. Non-compliant operators face fines of up to ₦100 million or 1% of annual turnover, as well as potential disqualification of directors for up to five years.
It also prohibits pre-authorised or automatic lending, bans unethical or misleading marketing, and compels lenders to provide loan terms that are clear, fair, and accessible. Airtime and data lending providers are required to maintain at least one locally owned entity. In addition, lender partnerships must register jointly with the Commission, while monopolistic agreements will not be permitted without prior approval.
The FCCPC urged Mobile Money Operators (MMOs), Digital Money Lenders (DMLs), and their service partners to obtain application forms, guidelines, and compliance requirements without delay. Consumers have also been encouraged to report unlawful or unregistered lenders, unfair interest rates, or violations of their privacy rights.
