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The Federal Competition and Consumer Protection Commission (FCCPC) has intensified its oversight of Nigeria’s booming digital credit market, with 521 digital lending companies now officially under its regulatory purview.
The surge in registration follows the expiration of the January 5, 2026, deadline for full compliance with the Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations, 2025. The Commission had mandated that all lenders including those operating via apps, web platforms, and SMS register or face immediate enforcement actions.
By the Numbers According to the FCCPC’s latest database:
457 companies have received full regulatory approval.
35 companies hold conditional approval.
29 companies are licensed by the Central Bank of Nigeria (CBN) but remain subject to the FCCPC’s consumer protection framework.
103 loan apps operated by unregistered firms have been placed on a high-priority “watchlist” for potential delisting and prosecution.
Stricter Privacy and Ethical Standards
The 2025 Regulations introduce some of the toughest protections for Nigerian borrowers to date. Notably, the law now strictly prohibits loan apps from accessing a customer’s contact lists, photos, or transaction history a common tactic previously used for debt-shaming and harassment.
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Lenders are also barred from “pre-authorized” or automatic lending and must provide clear, accessible loan terms. Unethical marketing and predatory interest rates are strictly forbidden. Companies found in violation face heavy penalties, including fines of up to ₦100 million or 10% of their annual turnover, and directors could be disqualified for up to five years.
Capacity and Enforcement Challenges
While the industry sees the move as a step toward “sanitizing” the sector, some analysts express concern over the FCCPC’s ability to monitor over 500 players simultaneously.
“Monitoring over 500 registered companies alone requires massive capacity,” noted Lagos-based financial analyst Adewale Adeoye. “There are still hundreds of others operating illegally via APKs (Android Package Kits) outside of official app stores that need to be dealt with.”
Despite these hurdles, Gbemi Adelekan, President of the Money Lenders Association, noted that complaints regarding harassment are gradually declining. However, he warned of a new trend: “serial borrowers” who exploit pro-consumer regulations to take loans from dozens of platforms without the intent to repay, urging lenders to utilize credit bureaus more aggressively to stem losses.
With the deadline now past, the FCCPC is expected to begin a nationwide enforcement sweep to delist non-compliant apps and prosecute illegal operators.
