FCCPC Sets New Deadline for FairMoney, Okash, Carbon, Other Lending Apps to Comply With New Rules
- The Federal Competition and Consumer Protection Commission (FCCPC) has set a new deadline for lending apps to comply with its new rules
- The commission disclosed in its statement that lending apps have until Monday, January 5, 2025 to comply
- The announcement signalled a push by Nigeria to restore order in a sector long criticised for harassment and other breaches
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s Federal Competition and Consumer Protection Commission has issued a firm deadline of January 5, 2026 for all digital lenders and intermediaries to fully comply with its new consumer lending regulations.
The announcement signals a decisive push by the Federal Government to restore order in a sector long criticised for harassment, privacy breaches, and predatory lending.
Source: Getty Images
The statement, released by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, frames the move as a turning point for Nigeria’s digital lending ecosystem.
FCCPC strengthens loan app compliance rules
The new rules, which took effect on July 21, 2025, were introduced under the Federal Competition and Consumer Protection Act of 2018 and are expected to set a clear standard for how loan apps operate going forward.
To support lenders through the transition, the Commission has released fresh Guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations.
These guidelines, issued under Sections 17 and 163 of the Act, outline documentation requirements, operational expectations, and updates to Forms 1 and 3 following stakeholder feedback.
According to the FCCPC, companies with pending applications can submit any extra documents required without waiting for a formal request.
The Commission says reviews will continue without delay and stressed that transparency remains central to the process.
Executive Vice Chairman Tunji Bello urged operators to take the deadline seriously. He noted that full compliance is now a legal obligation and a necessary step toward protecting Nigerian borrowers.
Bello explained that the industry has enjoyed a long adjustment period and that the new guidance offers more than enough clarity. He added that all standards must be met before the deadline.
What happens after January 5, 2026
Once the deadline passes, the FCCPC will launch enforcement actions against defaulters. Penalties include operational restrictions, suspension of services, and possible prosecution under the law. Every lending platform, service partner, and intermediary must comply without exception.
The Commission has made the guidelines, required forms, and a list of frequently asked questions available on its website and at branches across the country.
Why crackdown on loan apps became necessary
Nigeria’s digital lending boom was fuelled by millions of unbanked citizens seeking quick loans through mobile apps.
While the growth was rapid, it also opened the door to widespread abuse. Many unlicensed lenders charged extreme interest rates and relied on intimidation, exposing borrowers’ contacts and sending defamatory messages to friends and family.
By 2022, complaints had piled up enough for the FCCPC to team up with the Central Bank, NITDA, and the ICPC to launch a joint task force on digital lending. An interim registration process followed, but several operators kept sidestepping the rules.
The 2025 Regulations and the new guidelines are designed to end these loopholes for good and bring lasting order to the market.
Source: Getty Images
As of November 2025, the FCCPC has granted full approval to 438 digital lenders, showing steady progress toward a safer and more accountable lending landscape.
FCCPC warns telcos as tariffs take effect
Legit.ng earlier reported that the FCCPC sent a message to telecommunication companies in Nigeria, insisting that the newly approved tariff increase must bring about improved services.
The commission noted that even though the tariff increase was necessitated by increasing cost of operations, the TelCos are obliged to provide significant improvement in service delivery, to justify the tariff increase.
This was contained in a press release signed by Ondaje Ijagwu, the Director of Corporate Affairs, and made available on its official X (formerly Twitter) handle.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
