By Omodele Adigun
The Federal Competition and Consumer Protection Commission (FCCPC) has announced that the number of officially registered digital lending companies in Nigeria has surged to 492, following the enforcement of a new rule imposing a ₦100 million fine on unregistered operators.
The development comes under the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025, which took effect on July 21, 2025, mandating all digital lenders to register with the Commission within 90 days of operation.
According to the FCCPC, the regulation seeks to sanitise Nigeria’s digital lending space, which has been plagued by unethical practices such as harassment, defamation, and privacy breaches.
Of the 492 registered lenders, 434 have received full approval, 36 secured conditional approval, while 22 are licensed by the Central Bank of Nigeria (CBN). The Commission also disclosed that 103 other loan companies have been placed under its watchlist for further regulatory action.
FCCPC Executive Vice Chairman, Mr. Tunji Bello, said the regulations were designed to protect consumers and promote responsible digital finance.
“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,” Bello stated.
He added that the rules now prohibit apps from accessing customers’ contacts, photos, or transaction history, stressing that violators will face delisting and legal penalties.
Mr. Gbemi Adelekan, President of the Money Lenders Association (MLA), welcomed the move, noting that it would compel more lenders to rely on credit bureaus for debt recovery instead of harassment.
“It’s a good step in the right direction for the ecosystem. Many lenders will now be forced to comply with ethical standards,” he said.
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