FCCPC’s new rules for digital lenders: penalties and fines, Licensing fees, app limits, renewals, reporting, and industry reactions in Nigeria.
Nigerian online lenders risk ₦100m penalty for unethical conduct, FCCPC warns
The Federal Competition and Consumer Protection Commission (FCCPC) has set a new rules—called Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025—for any digital or online lenders caught involving in unethical conducts and other violations. The law, released in July 2025, imposes fines between ₦50 million and ₦100 million to online or digital lenders that violate the terms and conditions. Or if the lenders cannot pay that amount, they'll surrender 1% of their annual turnover. This law draws from the 2022 framework aimed at stamping out illegal activities and tightening sector regulation. The consumer lending market is estimated to $2.1 billion in Nigeria, FCCPC's introduction of the new law is for the purpose of regulating this market; the market traditional banks have long avoided due to high default rates. It also aligns with the broader changes that have happened in the Africa’s consumer lending market, such where the Central Bank of Kenya ( CBK ) …
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Temmy is the founder of Budgetrend. He is a seasoned journalist with extensive experience in business of technology, economy, finance, business, money, politics and education. He is currently studying Accounting at the Federal University of Oye-Ekit…
