Nigeria: Federal Competition and Consumer Protection Commission extending deadline to comply with Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending

On 6 December 2022, the Federal Competition and Consumer Protection Commission (FCCPC) postponed the compliance deadline from 14 November 2022 to 31 January 2023. This deadline required Digital Money Lenders (DMLs) on the Google Play store to meet compliance requirements or face removal. The deadline also applied to related financial service providers. DMLs must register, provide detailed business information, and adhere to specific guidelines, including interest calculation methods, privacy policies, and complaint handling procedures. Continuous compliance reporting and notification of operational changes within 14 days are also required.