Nigeria’s FCCPC has tightened control on digital lenders, pushing hundreds of loan apps to register or face heavy fines.
The Federal Competition and Consumer Protection Commission (FCCPC) says 492 digital lenders have now registered under Nigeria’s new Digital Lending Regulations 2025, up from 425 in May. The surge comes as operators rush to avoid ₦100 million fines or director disqualifications for non-compliance.
Of the 492 registered companies, 434 have full approval, 36 conditional, and 22 are CBN-licensed lenders monitored by the FCCPC. Another 103 unregistered apps remain under investigation.
FCCPC chief Tunji Bello said the new law aims to end harassment, data breaches, and predatory lending, stressing that “innovation is welcome, but not at the expense of consumer rights.”
The 2025 rules enforce data privacy, fair interest rates, ethical recovery, and transparent loan terms, while banning apps from accessing contact lists or photos.
According to Money Lenders Association president Gbemi Adelekan, the move will promote responsible lending and push more lenders to use credit bureaus for debt recovery.
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