Nigeria: Federal Competition and Consumer Protection Commission allowing exceptions for deadline to meet Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending compliance requirements

On 9 June 2023, the Federal Competition and Consumer Protection Commission (FCCPC) resumed the registration of Digital Money Lenders (DMLs) for new businesses and in exceptional cases for existing businesses with justifiable reasons for not registering by the 27 March 2023 deadline. The FCCPA March 2023 deadline required 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.