This was disclosed in a statement signed by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, which quoted the Commission’s Executive Vice Chairman/Chief Executive Officer, Tunji Bello.
“For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders.
“These regulations draw a clear line that innovation is welcome, but not at the expense of the rights and dignity of consumers or the rule of law,” the CEO noted.
Bello added, “The regulations provide the legal tools to hold violators accountable and promote responsible digital finance.
”No consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending.”
The statement noted that the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON Consumer Lending Regulation), 2025, took effect on 21 July.
Made pursuant to Sections 17, 18 and 163 of the Federal Competition and Consumer Protection Act (2018), the rules introduce a comprehensive framework to safeguard consumers in Nigeria’s fast-growing digital credit market.
Under the provisions, all digital lenders must register with the FCCPC within 90 days of commencement, with approval subject to meeting standards of transparency, data compliance, and consumer protection.
Non-compliant operators face penalties of up to N100 million or one per cent of turnover, as well as possible disqualification of directors for up to five years.
The rules prohibit pre-authorised or automatic lending, ban unethical marketing, compel accessible loan terms, and require local ownership of at least one service provider for airtime and data lending services.
They also mandate joint registration of lender partnerships and restrict monopolistic agreements without prior FCCPC approval.
The Commission urged all Mobile Money Operators (MMOs), Digital Money Lenders (DMLs) and service partners to obtain application forms, guidelines and compliance requirements.
Consumers have also been encouraged to report unlawful or unregistered lenders, unfair interest rates, or privacy violations.
