The Federal Competition and Consumer Protection Commission (FCCPC) has begun a crackdown on digital loan operators that failed to meet regulatory requirements, in a move aimed at ensuring safer digital borrowing for Nigerians.
The enforcement action follows the expiration of the January 5, 2026 deadline for digital money lenders to regularise their operations under the new regulatory framework.
According to the FCCPC, operators that did not comply have had their conditional approvals withdrawn, and their names removed from the Commission’s list of approved digital lenders.
The Commission said the action is intended to protect consumers, promote transparency, and restore confidence in Nigeria’s digital lending space.
Non-compliant operators have been given until April 2026 to regularise their status or risk further regulatory sanctions.
(Editor: Ada Ononye)
