The Federal Competition and Consumer Protection Commission (FCCPC) has listed 521 digital lending companies under its regulatory oversight as Nigeria’s digital credit sector faces stricter enforcement.
The January 5, 2026, deadline for full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 has now passed.
Of the 521 companies, 457 have full approval, 35 have conditional approval, and 29 licensed by the Central Bank of Nigeria also fall under FCCPC oversight. Meanwhile, 103 unregistered loan apps remain on the Commission’s watchlist, subject to potential sanctions including fines, app delisting, and prosecution.
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Industry stakeholders note that supervising over 500 companies, alongside non-app-based lenders and IT platform partners, could strain FCCPC’s resources. Mr. Adewale Adeoye, a Lagos-based financial analyst, cautioned that effective monitoring may become challenging as the sector grows.
The new regulations cover all unsecured digital and non-traditional lending, setting rules for registration, transparency, ethical recovery, fair interest rates, responsible lending, and data privacy.
They prohibit automatic lending, unethical marketing, monopolistic practices, and restrict apps from accessing customers’ contacts, pictures, and transaction data.
The regulations, effective July 21, 2025, aim to promote fairness, accountability, and consumer protection across Nigeria’s digital lending ecosystem. Enforcement began immediately after the January 5 deadline.
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Mr. Gbemi Adelekan, President of the Money Lenders Association, observed that sanity is gradually returning, with fewer consumer complaints, though some borrowers continue to exploit pro-consumer rules by borrowing across multiple platforms. The credit bureau is improving real-time reporting to curb such practices.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
