Lagos, Nigeria – The Federal Competition and Consumer Protection Commission (FCCPC) don come flex dem muscle again, this time na for the digital lending sector. Dem ready to restrict operators to only five lending apps, no more wahala! According to the Commission, this new guideline dey part of dem plan to sanitize the digital credit space. You fit call am a regulatory detox, if you like. The compliance deadline na January 5, 2026, so make all the lenders gather their bags and pack their extra apps.
But wetin make dem carry out this new rules? Well, e no be secret say many digital lenders dey operate more than five apps, some dey carry six to eight apps, using different brand names like say dem be chameleon. This management style dey confuse oversight, especially when we talk consumer data misuse, bad loan recovery methods, and pricing wey no clear.
For the new guidelines, if any group dey do joint venture for consumer lending services, di total number of apps wey dem fit control go still be five. No more side hustle with extra apps when you don dey joint venture. The Commission talk say this one go help reduce wahala and chopping of small loans wey dem dey do on the side.
Financially, dem don introduce some sweet new rules too; for any app approval, di standard fee go cover two apps. If you wan register more than two, you go spend another N500,000 for each of di additional apps. (E no be small money oh!) Dis one dey push lenders to concentrate on fewer apps and improve di way dem dey handle customer support and compliance.
If any lender fail to declare any app when dem dey renew dem license, e fit lead to wahala like denial of approval or even revoke dem license if e already don happen. Dem fit even ask app distribution platforms like Google and Apple to remove any app wey no comply. Talk about tough love!
Gbemi Adelekan, wey be President of di Money Lenders Association, don talk say those many apps dey serve different purposes in dier market strategies, but e also mean say na wahala for FCCPC to monitor all of dem. One insider from one approved lender talk say di reason many settle for multiple apps na because e carry dem come carry out illegal practices. So, with this new cap, e go force plenty of dem to shut down dem extra apps.
Now, wetin we dey talk about dem consumer wey dey rely on digital lenders? Some go face wahala for the short term because if popular apps dey delisted or stopped, dem go see less options. But, ha! Dem go get better data protection and accountability. Na better relationship be dat, but it no go come cheap immediately!
Before this new guideline, di FCCPC don set October 31, 2025, as deadline for all di digital lenders to register or face fines of N100 million. Dem don increase registered lenders wey fit join to 492 by October. The extension to January 5, 2026, alongside di new guidelines, give dem chance to get their house in order. Better stabilization and responsible lending dey on di horizon. We fit just dey watch how e all go unfold!
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