Pursuant to Sections 17(a), (e), (g), (h). (1), (m), (s). (x), (y), 18(3): 123; 124: 127; 129 and 130 of the Federal Competition and Consumer Protection Act (FCCPA), 2018
Tuesday, December 6, 2022: On August 18, 2022, in furtherance of the collaboration of Inter-Agency Joint Task Force, the Federal Competition and Consumer Protection Commission (FCCPC) conducted enforcement actions in Lagos with respect certain to Digital Money Lenders (DMLs).
In addition to the enforcement action(s) and in view of the desire to promote fair, transparent and mutually beneficial alternative lending opportunities outside the traditional lending to institutions, the Inter-Agency Joint Task Force established a mutually adopted Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
Subsequently, the Commission commenced the registration of DMLs. By an Order and Notice of the Commission on August 17, 2022, existing DMLS were required to comply in not later than ninety (90) days to confirm their business is uninterrupted. The Commission also created a publicly accessible list of the DMLs that have been granted approvals/conditional approvals. The list will be updated regularly and can be accessed at: https://fccpc.gov.ng/registration-status-for-digital-money-lenders-apps/
The Registration deadline of 90 days expired on November 14, 2022. Considering there are DML’s still in process, the Commission has now extended the deadline to January 31, 2023.
Babatunde Irukera
Executive Vice Chairman/Chief Executive Officer
