Nigeria: Federal Competition and Consumer Protection Commission announced enforcement against digital lending violations

On 5 February 2024, the Federal Competition and Consumer Protection Commission (FCCPC) announced that it is intensifying enforcement against violations in the digital lending sector. The FCCPC noted an increase in unethical recovery practices and abusive conduct by Digital Money Lenders (DMLs), particularly during a period of high loan demand. To combat these issues, the FCCPC is engaging with approved loan apps to strengthen compliance frameworks and take legal action against unapproved operators. Consumers are advised to use only approved DMLs and report any violations to the Commission.