By Muhammad Mamman
The Federal Competition and Consumer Protection Commission (FCCPC) has removed several non-compliant digital lending platforms from its official register, signalling a renewed crackdown on operators that flout Nigeria’s consumer protection and regulatory standards.
In a statement issued on Tuesday, the Commission said the affected lenders were struck off for failing to meet mandatory registration requirements, breaching operational guidelines, or disregarding directives issued under the FCCPC’s limited interim regulatory framework for digital lenders.
The FCCPC stressed that only digital lenders listed on its register are authorised to operate in Nigeria, warning consumers against patronising unregistered platforms that often engage in unethical practices, including harassment, data misuse and unfair loan recovery methods.
According to the Commission, the latest action forms part of ongoing efforts to sanitise the digital lending space, protect consumers from exploitation, and promote transparency and accountability within the fast-growing fintech ecosystem.
The FCCPC added that enforcement actions would be continuous, noting that further sanctions, including prosecutions and collaboration with other regulatory agencies, would be applied against operators that persist in violating the law.
Consumers were urged to verify the status of any digital lender on the FCCPC’s official register before accessing loan services, as the Commission reaffirmed its commitment to safeguarding consumer rights and fostering a fair, competitive digital credit market.
