The Federal Competition and Consumer Protection Commission (FCCPC) has issued new measures to combat harassment, data breaches, and predatory behaviour in Nigeria’s digital lending industry.
The FCCPC said on Wednesday that the digital, electronic, online, or non-traditional consumer lending laws, 2025—also known as the DEON consumer lending regulation—were officially gazetted and went into force on July 21.
According to the commission, the guidelines adopted under the Federal Competition and Consumer Protection Act (2018) would provide a comprehensive framework for registration, transparency, and ethical loan recovery.
According to the organisation, the paper serves as a framework for data protection and responsible lending for all unsecured consumer loans given through electronic and non-traditional channels.
Tunji Bello, executive vice-chairman and chief executive officer (CEO) of the FCCPC, said the new regime will end abusive practices in the sector.
“For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders,” Bello said in Abuja on Wednesday.
“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.
“No consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending.”
According to the statement, the FCCPC said the regulation prohibits pre-authorised or automatic lending, compels lenders to provide clear and accessible loan terms, and bans unethical marketing.
“It also makes joint registration mandatory for partnerships, requires at least one locally owned service provider in airtime and data lending, and bars monopoly or dominance agreements without prior FCCPC approval,” the commission added.
“Under its provisions, all digital lenders must register with the FCCPC within 90 days of commencement. Approval is dependent on meeting consumer protection, data compliance, and transparency standards.
“Non-compliant operators face sanctions, which may include fines of up to N100 million or 1% of turnover, as well as potential disqualification of directors for up to five years.”
The agency encouraged mobile money operators (MMOs), digital money lenders (DMLs), and other service providers to access registration forms and compliance requirements through its website.
Customers could also use the FCCPC’s complaint portal to report unregistered lenders, unfair interest rates, and privacy violations: lenderstaskforce@fccpc.gov.ng.
