Operators of digital lending services in Nigeria now face fines of up to one hundred million naira, or one percent of their annual turnover.
Under the new Digital Consumer Lending Regulations, twenty twenty-five, company directors could also be banned for up to five years.
The Federal Competition and Consumer Protection Commission says the rules, which took effect on the twenty-first of July, target harassment, data breaches, and exploitative practices.
FCCPC Chief Executive, Tunji Bello, said innovation is welcome, but not at the expense of consumers’ rights and dignity.
All digital lenders are required to register within ninety days and comply with transparency, fair lending, and data privacy rules.
Consumers have been urged to report unlawful or unregistered lenders through the FCCPC website or complaint portal.
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