Nigeria: 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 Digital Money Lenders (DMLs) already operating and listed on Google Playstore to meet the compliance requirements or face removal from the Playstore. This expiry date also applied to the continuation and uninterrupted service of payment systems, gateways, and other financial institutions that provide services to DMLs. DMLs must register through a documented process, along with supporting materials detailing business operations, funding sources and technical implementation. Registered lenders must implement defined interest calculation methodologies, privacy policies, 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.