Nigeria reveals rigorous regulations to deal with digital lenteen financiers …

Federal Competition and Consumer Protection Commission (FCCPC) has introduced new regulations to curb non -ethical practices among digital financiers in the rapid growth of Nigeria.

The rules, issued pursuant to sections 17, 18 and 163 of the FCCPC Act (2018), enter into force from 21 July 2025 and aim to face complaints widespread of harassment, privacy violations, exploitation loans and anti -concurrence conduct.

According to the Commission, the framework establishes mandatory standards on transparency, equity, data protection, ethical recovery methods and responsible loans. All consumer loans suppliers not guaranteed through digital, furniture or non -traditional platforms are now required to register at the FCCPC within 90 days from the start.

By announcing the beginning of the regulations in Abuja, the vice -president/executive CEO of the Commission, Tunji Bello, said that the Nigerians suffered long enough for harassment and non -ethical practices by unregulated digital financiers.

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“These regulations draw a clear line that innovation is welcome, but not at the expense of the rights and dignity of consumers, or the rule of law,” said Bello.

“No consumer should be harassed, defamed or attracted unsustainable debt with the digital loan.”

The provisions include a prohibition of pre-authorized and tactical non-ethical marketing loans, compulsory joint registration for partnerships and requirements for transparent loan terms. They also ask for the local property of at least one service provider in transmission time and data loans and prohibit the dominance -based agreements without the FCCPC approval.

The defaults risk sanctions up to ₦ 100 million or 1% of their annual turnover, as well as the disqualification of the director for a maximum of five years.

The FCCPC has urged the lenders to visit its website for the recording guidelines and encouraged consumers to report illegal or offensive loan practices through its complaint portal dedicated to [email protected].

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