The Federal Competition and Consumer Protection Commission (FCCPC) has officially begun a phased enforcement action against digital money lenders, setting a final deadline of April 2026 for provisionally approved platforms to fully regularize their operations.
The move follows the expiration of a crucial January 5, 2026, deadline, when dozens of loan applications have already been scrubbed from the commission’s approved register after failing to meet the initial requirements under the country’s new digital lending rules.
The FCCPC has revoked the conditional approvals of several digital lending institutions, effectively making them illegal operators in the eyes of the law. These platforms are now prohibited from offering credit services to Nigerian consumers.
FCCPC Executive Vice Chairman and CEO Tunji Bello emphasized that the commission is not looking to stifle the fintech industry but rather to sanitize it.
“The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity,” Bello stated.
The commission is currently working with global app stores (such as Google Play Store and Apple App Store) and local payment service providers to ensure that delisted apps are blocked from reaching consumers or processing transactions.
The Digital, Electronic, Online and Non-Traditional (DEON)” regulations introduce a strict framework to end predatory practices.
The new rules include a strict prohibition against accessing a borrower’s contacts, photos, or call logs to ensure data privacy. There is now a total ban on “shaming” tactics or harassing a borrower’s acquaintances to enforce ethical debt collection. Operators are required to provide a clear and transparent disclosure of all interest rates and hidden fees in simple English to ensure transparency. Additionally, the FCCPC will periodically review interest rates to monitor the market and ensure they are not exploitative.
The FCCPC has updated its Public Register of Approved Lenders, which serves as the only valid guide for safe borrowing.
For apps currently holding temporary or provisional status, the April 2026 extension serves as a final compliance window. During this period, operators must correct missing documentation and prove their technical systems adhere to consumer protection laws.
Bello warned that any operator failing to cross the finish line by the new deadline will face permanent blacklisting and potential prosecution for directors.
Would you like me to find the current list of approved loan apps from the FCCPC’s official database?
FCCPC Sets January 2026 Deadline This video provides further context on the timeline and the initial regulatory push by the FCCPC to clean up the digital lending sector in Nigeria.