The Federal Competition and Consumer Protection Commission (FCCPC) has rolled out a new set of regulations designed to protect Nigerians who access loans through digital platforms. The rules, contained in the newly enacted Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025, aim to provide a legal framework that ensures fairness, transparency, and accountability in the rapidly growing digital lending sector.
According to the FCCPC, the regulations were introduced to address critical issues such as predatory lending practices, hidden charges, and the unauthorized sharing of borrowers’ personal data. With these guidelines, loan providers are now required to operate in strict compliance with consumer protection standards, including transparent disclosure of interest rates, loan terms, and repayment obligations.
The law also extends its coverage to telecommunications operators and retailers involved in providing digital credit services, ensuring they do not exploit consumers. By setting clear rules for lenders, the new regulation is expected to foster responsible lending, safeguard borrowers’ rights, and restore public confidence in the digital financial services market.
