The Federal Competition and Consumer Protection Commission (FCCPC) has officially commenced a phased enforcement action against Digital Money Lenders (DMLs) that failed to regularize their operations following the expiration of a key regulatory deadline.
In a move aimed at sanitizing the nation’s fintech space, the Commission announced that it has begun delisting non-compliant loan apps and withdrawing conditional approvals previously granted to operators who missed the January 5, 2026, compliance window.
The crackdown follows the introduction of the Digital, Electronic, Online, and Non-Traditional (DEON) Consumer Lending Regulations 2025, which came into full effect this month. Under the leadership of Executive Vice Chairman Tunji Bello, the FCCPC has removed defaulting companies from its published register of approved digital lenders, effectively stripping them of their legal standing to operate in the Nigerian market.
Currently, over 100 unregistered or errant loan apps are on the enforcement radar, with many facing immediate removal from global hosting platforms like Google Play Store and Apple App Store.
According to the Commission, the enforcement measures are not intended to disrupt legitimate business but to ensure a fair, transparent, and disciplined lending environment. “The compliance window has now closed,” Tunji Bello stated in a public address.
Also Read: http://NNMDA Begins Digital Registration For Traditional Medicine
“At this stage, the Commission is proceeding with enforcement steps that are fair, orderly, and consistent with due process to safeguard consumers from abusive, deceptive, or unlawful practices.” For operators who hold “provisional” status, the FCCPC has provided a final grace period until April 2026 to complete their regularization or face permanent shutdown.
The new DEON regulations introduce the strictest governance standards in the history of Nigerian digital finance. Key requirements include a total ban on “contact scraping”, the practice of accessing a borrower’s phone contacts or gallery for debt-shaming, and the mandatory disclosure of Annual Percentage Rates (APR).
The FCCPC is also collaborating with the Central Bank of Nigeria (CBN) to freeze the settlement accounts of lenders found operating without a valid certification. Infringements on consumer privacy now carry a minimum fine of ₦100 million, alongside potential criminal prosecution for company directors.
As of Thursday, January 22, 2026, the FCCPC has confirmed ongoing structured engagements with payment service providers to ensure that delisted apps are blocked from processing transactions. For consumers in Port Harcourt and across Nigeria, the Commission advises extreme caution, urging borrowers to verify the status of any lending platform against the official FCCPC register before sharing sensitive financial information.
