Nigeria: Federal Competition and Consumer Protection Commission adopted Digital, Electric, Online, or Non-Traditional Lending Regulations including fair marketing and advertising practice requirement

On 21 July 2025, the Federal Competition and Consumer Protection Commission adopted the Digital, Electric, Online, or Non-Traditional Lending Regulations. The Regulations apply to all lenders and providers (including their partners and collaborators) offering unsecured digital or electronic loans or advances to consumers in Nigeria, regardless of their physical location, if their business operations extend beyond a single state. Under the Regulations, lenders must fully disclose all loan terms, including interest rates and fees, in clear, simple English before any transaction is completed. All lending rates and charges must be conspicuously and accurately displayed on the lender's website and platforms. Additionally, a digital copy of the full contract terms must be immediately delivered to the consumer upon accessing the service. The Regulations further require that all advertising be factual, unambiguous, and not misleading or deceptive.