Nigeria: Federal Competition and Consumer Protection Commission announced investigation into digital money lenders over alleged unethical practices and non-compliance with regulatory framework
Description
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 about the rise in unethical practices and non-compliance within the sector.
Original sourceScope
Policy Area
Consumer protection
Policy Instrument
Quality of Service requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
consumer protection authority