The digital lending landscape in Nigeria is undergoing significant changes following the implementation of new regulations by the Federal Competition and Consumer Protection Commission (FCCPC). According to the results published in the material, the number of legally operating loan apps has surged to 492, indicating a shift towards compliance in the industry.
New FCCPC Regulations for Digital Lenders
The FCCPC's regulations, which took effect on July 21, 2025, require all digital lenders to register within 90 days of commencing operations. Companies that fail to comply with these regulations face hefty fines, which can reach up to 100 million naira or 19% of their turnover. This stringent approach aims to promote ethical practices and protect consumers in the rapidly growing digital lending sector.
Current Status of Registered Companies
Out of the 492 registered companies, 434 have received full approval from the FCCPC, while 36 are operating under conditional approval, pending the fulfillment of additional requirements. This increase in registered lenders not only reflects a growing adherence to regulatory standards but also highlights the industry's efforts to adapt to a more controlled environment. Ultimately, this benefits consumers and fosters trust in digital lending services.
As the digital lending landscape in Nigeria evolves, BlockDAG is also making headlines with its upcoming transition to network utility. For more details, see read more.
