Digital Lending Compliance
For operators in the digital lending space, the key requirements and the current deadline are:
- Deadline: All affected operators, including lending platforms, service partners, and intermediaries, must complete their compliance obligations by January 5, 2026. Enforcement actions will begin immediately after this date, including potential operational restrictions and fines of up to ₦100 million.
- Key Requirements:
- Registration: Compulsory registration with the FCCPC using Forms 001 and 002 available on their website.
- Data Protection: Obtain a Compliance Audit Report and Privacy Impact Assessment from a registered Data Protection Compliance Organisation (DPCO).
- Transparency: Ensure clear and easily understandable loan terms and conditions, banning pre-authorized or automatic lending.
- Ethical Practices: Prohibit harassment, unethical loan recovery methods, and misleading advertising.
- Local Ownership: Mandate local ownership of at least one service provider for airtime and data lending services.
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