Nigeria: 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 process requiring Forms 001 and 002, along with supporting materials detailing business operations, funding sources and technical implementation. The framework limits operators to five lending applications maximum, with mandatory privacy controls prohibiting access to user call logs, photos and contacts. Registration fees for companies incorporated before April 2023 start at NGN 500'000 for two applications, with additional applications requiring NGN 500'000 each. Registered lenders must implement defined interest calculation methodologies, privacy policies, and complaint handling procedures and adhere to Nigerian data protection regulations. The framework mandates ongoing compliance reporting and requires lenders to notify the FCCPC of operational changes within 14 days.