Nigeria’s digital lending industry is witnessing a major shift toward regulation and accountability as 492 loan apps have now complied with the Federal Competition and Consumers Protection Commission guidelines, following the enforcement of a #100 million fine on non-compliant operators.
The crackdown marks a significant milestone in the FCCPC’s efforts to sanitize the country’s rapidly expanding online lending sector, which has been plagued by issues such as data privacy breaches, unethical debt recovery methods, and unlicensed operations. The fine served as a stern warning to erring companies, prompting many to formalize their operations and register with the appropriate authorities.
According to the FCCPC, the latest compliance figures reflect growing awareness among digital lenders about the need to operate within legal and ethical frameworks. The commission’s Limited Interim Regulatory/Registration Framework requires all loan apps to provide verifiable corporate information, disclose data-handling policies, and ensure fair lending practices before being allowed to operate.
The enforcement has not only improved transparency but also restored public confidence in digital lending platforms, which have become a vital source of short-term credit for millions of Nigerians. Consumers now benefit from better protection, clearer loan terms, and more responsible collection practices.
Commenting on the development, FCCPC Excecutive Vice Chairman, Babatunde Irukera, stated that the commission remains committed to protecting borrowers from predatory practices. He emphasized that the fine was not just punitive but aimed at promoting a sustainable, consumer-centric lending ecosystem.
With nearly 500 compliant loan apps now registered, the FCCPC plans to strengthen monitoring mechanisms and collaborate with app stores and financial institutions to ensure continued adherence. The move signals a new era of discipline and accountability in Nigeria’s digital credit market — one that prioritizes consumer rights, transparency, and long-term industry growth.
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