Digital Lending: Consumer Commission Fixes January 5 As Compliance Deadline

The Federal Competition and Consumer Protection Commission (FCCPC) has fixed January 5, 2026, as the deadline for all digital lenders to fully comply with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.

The Regulations, which came into effect on July 21, 2025, were issued under the Federal Competition and Consumer Protection Act (FCCPA) 2018 to strengthen fairness, transparency, and accountability across Nigeria’s rapidly expanding digital lending market.

FCCPC’s director of corporate affairs, Ondaje Ijagwu, stated that the Commission has also released a complementary document titled: The Guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pursuant to Sections 17 and 163 of the FCCPA. The Guidelines offer practical direction to operators, specify documentation requirements, and introduce updated Forms 1 and 3 following extensive stakeholder consultations.

Ijagwu noted that applicants with pending submissions may now provide any additional information required under the new Guidelines without waiting for a formal request. He added that the Commission would maintain a transparent and efficient review process to support timely compliance.

The executive vice chairman of the FCCPC, Tunji Bello, underscored the importance of the deadline, describing full compliance as both a legal and moral imperative.

“Full compliance is not only a legal requirement but an important step in protecting consumers and ensuring that the sector continues to grow fairly and responsibly. Operators have had ample time to adjust to the Regulations and the additional guidance now provided. We expect all obligations to be met before the deadline,” Bello said.

The Commission stated that all affected operators, including digital lending platforms, service partners, and intermediaries, must complete their compliance obligations by January 5, 2026. After this date, enforcement actions will commence immediately. Sanctions may include restricting non-compliant entities from operating, directing partners or platforms to cease engagements with them, and other penalties prescribed by law.

Ijagwu added that copies of the Guidelines, Forms, and Frequently Asked Questions (FAQs) are available on the Commission’s website as well as through FCCPC offices nationwide and other official communication channels.

He reaffirmed the Commission’s commitment to promoting responsible digital lending practices that safeguard consumers while fostering confidence in Nigeria’s financial technology ecosystem.