Nigeria’s digital lenders now face fines of ₦50 million to ₦100 million—or 1% of annual turnover—for unethical practices under the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025, issued by the Federal Competition and Consumer Protection Commission (FCCPC) in July.
The regulations overhaul the ₦3.2 trillion consumer lending space, expanding oversight to airtime lenders and fintech giants while capping app ownership at five. Operators must now pay up to ₦1 million in approval fees (₦500,000 for extra apps), renew every three years, and comply with data protection, advertising limits, interest rate monitoring, and borrower affordability checks.
Only microfinance banks are exempt, and even they must apply for waivers. Breaches could also attract director bans of up to five years.
With 461 registered lenders as of August, existing operators have 90 days to comply. FCCPC says the rules aim to curb harassment, illegal collections, and exploitative rates, while the Money Lenders Association warns of potential cost and accessibility impacts.
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