FCCPC Targets Over 100 Unregistered Loan Apps as Compliance Window Closes

The Federal Competition and Consumer Protection Commission (FCCPC) has intensified its crackdown on Nigeria’s digital lending sector, placing over 100 unregistered loan apps on its enforcement radar following the expiration of the compliance deadline.

This move marks a significant step by the Commission to protect Nigerian consumers from unethical lending practices, including harassment, privacy breaches, and excessive interest rates commonly associated with illegal digital lenders.

What Is Happening?

According to reports by BusinessDay and Vanguard, the FCCPC officially began enforcement actions against digital money lenders who failed to comply with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

The compliance deadline expired on January 5, 2026, after which the Commission initiated a phased clampdown targeting operators who failed to regularize their operations.

Why FCCPC Is Cracking Down on Loan Apps

The FCCPC said the crackdown is aimed at curbing long-standing abuses in the digital lending space, including:

Harassment and intimidation of borrowers
Unauthorized access to phone contacts, photos, and messages
Public shaming and defamation tactics
Excessive and hidden interest charges

These practices have caused significant emotional and financial distress to many Nigerians, prompting stronger regulatory action.

Over 100 Loan Apps Face Possible Ban

The FCCPC confirmed that over 100 loan apps currently operating without registration are now under enforcement watch and risk being banned from operating in Nigeria.

Non-compliant platforms face serious penalties, including:

Removal from app stores (Google Play & Apple App Store)
Fines of up to ₦100 million or 1% of annual turnover
Operational suspension
Possible prosecution and director disqualification

FCCPC Withdraws Approval From Defaulting Lenders

The Commission has also withdrawn the conditional approval status previously granted to some digital lenders who failed to complete their registration process within the compliance window.

These lenders have now been removed from the official FCCPC register of approved digital lenders, making their operations illegal.

Consumers Advised to Be Cautious

FCCPC Executive Vice Chairman and CEO, Tunji Bello, urged Nigerians to only borrow from lenders listed on the FCCPC’s official register.

He emphasized that the register is a vital consumer protection tool and advised Nigerians to avoid loan apps not officially approved by the Commission.

Engagement With Google Play, Apple & Payment Platforms

The FCCPC also revealed that it is working closely with:

Google Play Store
Apple App Store
Payment service providers

These partnerships aim to block illegal loan apps from accessing Nigerian users and financial systems.

Final Compliance Deadline for Provisional Lenders

For loan apps previously granted provisional approval, the FCCPC has given a final deadline of April 2026 to complete their registration process.

Failure to comply before this deadline will result in stricter enforcement actions.

What This Means for Nigerians

This enforcement drive is expected to:

Protect consumers from predatory lending
Improve transparency in digital lending
Strengthen trust in Nigeria’s fintech ecosystem
Eliminate illegal lending operations

Borrowers are strongly advised to verify any loan app against the official FCCPC register before borrowing.

Frequently Asked Questions (FAQs)

Why is FCCPC targeting loan apps?
To eliminate harassment, privacy abuse, fraud, and exploitative lending practices.

How many loan apps are affected?
Over 100 unregistered digital lenders are currently under enforcement action.

What happens to illegal loan apps?
They risk removal from app stores, fines, operational bans, and prosecution.

How can I check approved loan apps?
You should verify lenders through the FCCPC official register before borrowing.

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