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Nigeria: Federal Competition and Consumer Protection Commission Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending

Progress

Current status
in force
28 Jul 2023 in force
09 Jun 2023 adopted
27 Jan 2023 adopted
06 Dec 2022 adopted
26 Aug 2022 adopted

Scope

Implementers
Nigeria
Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
consumer protection authority
Implementation Level
national

Timeline of events

28 Jul 2023
in force

Federal Competition and Consumer Protection Commission released an updated Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending allowing companies incorporated before April 2023 to register

On 28 July 2023, the Federal Competition and Consumer Protection Commission (FCCPC) released the Limited Interim Regulatory/Registration Framework for Digital Lending in Nigeria during 2022. Digital money lenders must register through a documented p…

Source
Event type order
Action type implementation
Government branch executive
Government body consumer protection authority
09 Jun 2023
adopted

Federal Competition and Consumer Protection Commission allowing exceptions for deadline to meet Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending compliance requirements

On 9 June 2023, the Federal Competition and Consumer Protection Commission (FCCPC) resumed the registration of Digital Money Lenders (DMLs) for new businesses and in exceptional cases for existing businesses with justifiable reasons for not register…

Source
Event type order
Action type postponement
Government branch executive
Government body consumer protection authority
27 Jan 2023
adopted

Federal Competition and Consumer Protection Commission extending deadline to meet Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending compliance requirements until 27 March 2023

On 27 January 2023, the Federal Competition and Consumer Protection Commission (FCCPC) postponed the compliance deadline again, this time from 31 January 2023 to 27 March 2023. This deadline required Digital Money Lenders (DMLs) on the Google Play s…

Source
Event type order
Action type postponement
Government branch executive
Government body consumer protection authority
06 Dec 2022
adopted

Federal Competition and Consumer Protection Commission extending deadline to comply with Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending

On 6 December 2022, the Federal Competition and Consumer Protection Commission (FCCPC) postponed the compliance deadline from 14 November 2022 to 31 January 2023. This deadline required Digital Money Lenders (DMLs) on the Google Play store to meet c…

Source
Event type order
Action type postponement
Government branch executive
Government body consumer protection authority
26 Aug 2022
adopted

Federal Competition and Consumer Protection Commission adopted Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending

On 26 August 2022, the Federal Competition and Consumer Protection Commission (FCCPC) adopted the Limited Interim Regulatory/Registration Framework for Digital Lending in Nigeria. The guidelines established 14 November 2022 as the deadline for Digit…

Source
Event type order
Action type adoption
Government branch executive
Government body consumer protection authority