The FCCPC's Limited Interim Regulatory/ Registration Framework And Guidelines For Digital Lending, 2022

In exercise of its powers under sections 17, 18 and 163 of the Federal Competition and Consumer Protection Act (FCCPA), 2018, the Federal Competition and consumer Protection Commission (FCCPC) in August 2022, released the Limited Interim Regulatory/Registration Framework and Guidelines for Digital lending, 2022 as part of its efforts to checkmate the excessiveness of digital lenders in Nigeria.

This is against the backdrop of the controversies that has hovered around the digital lending space recently which has become a subject of great concern for both customers and regulators owing to the crude and unprofessional methods often employed by some digital lenders in their loan recovery efforts. These includes social shaming, breach of data privacy rights, stringent lending terms, criminal defamation, threat to life, etc.