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

Policy overview

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 source

Scope

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

Complete timeline of this policy change

Hide details
2024-02-05
under deliberation

On 5 February 2024, the Federal Competition and Consumer Protection Commission (FCCPC) announced th…

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