Nigeria: Federal Competition and Consumer Protection Commission investigation into digital money lenders over alleged unethical practices and non-compliance with regulatory framework

Progress

Current status
under deliberation
05 Feb 2024 under deliberation

Scope

Implementers
Nigeria
Policy Area
Consumer protection
Policy Instrument
Quality of Service requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
consumer protection authority
Implementation Level
national

Timeline of events

05 Feb 2024
under deliberation

Federal Competition and Consumer Protection Commission announced investigation into digital money lenders over alleged unethical practices and non-compliance with regulatory framework

On 5 February 2024, the Federal Competition and Consumer Protection Commission (FCCPC) announced the initiation of an investigation into Digital Money Lenders (DMLs) over alleged violations of regulatory standards. The FCCPC highlighted concerns abo…

Source
Event type investigation
Action type announcement
Government branch executive
Government body consumer protection authority