Nigeria: Federal Competition and Consumer Protection Commission extending deadline to meet Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending compliance requirements until 27 March 2023

On 27 January 2023, the Federal Competition and Consumer Protection Commission (FCCPC) postponed the compliance deadline again, this time from 31 January 2023 to 27 March 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, providing 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.