Register in 90 days or face ₦100m fine, FCCPC gives ultimatum to loan Apps

In a major move to clean up Nigeria’s digital lending space, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a 90-day ultimatum to all digital money lenders.

Operators must complete a formal registration process or face severe sanctions, including fines of up to ₦100 million, the disqualification of directors for five years, or complete deregistration.

This directive is a key component of the newly gazetted Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulation (DEON) 2025, designed to combat widespread unethical practices in the industry.

FCCPC Chief Executive, Tunji Bello, declared that the Commission’s tolerance for harassment, data privacy violations, and predatory tactics from unregulated lenders has ended.

“For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders. These regulations establish a clear boundary: innovation is welcome, but not at the expense of consumer rights, dignity, or the rule of law,” Bello stated in Abuja.

He added, “No consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending.”

The new regulations, effective July 21, 2025, require lenders to:

· Clearly disclose all loan terms to borrowers.

· Stop offering pre-authorised or automatic loans without explicit consent.

· Use only ethical practices for debt recovery, banning harassment and defamation.

· Avoid anti-competitive arrangements.

· Ensure airtime or data lending services involve at least one locally owned operator.

Also, All Digital Money Lenders (DMLs), Mobile Money Operators (MMOs), and their partners are now required to register jointly with the FCCPC before they can begin or continue operations.

Consumers are encouraged to report any misconduct or illegal lenders to the FCCPC via its dedicated complaint channel: lenderstaskforce@fccpc.gov.ng.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

See author's posts