The Federal Competition and Consumer Protection Commission (FCCPC) has announced the extension of the deadline for the compulsory registration of online money lenders in Nigeria.
The FCCPC has recently focused on the activities of digital lenders in Nigeria especially the illegal lenders, over allegations of rights violations, and unfair practices, among others. As part of effective regulation of the digital lending subsector, the FCCPC introduced a guidelines for mandatory registration and reporting obligation of digital lending companies in Nigeria.
The FCCPC however disclosed recently in Abuja that the initial deadline of 90 days which expired on 14th November 2022 has now been extended to 31st January 2023.
This extension of registration deadline is a welcome development especially for existing Digital Money Lenders whose wallet accounts with Paystack and Flutterwave were suspended on the instruction of the FCCPC. With the extension, the payment companies must restore the accounts of the affected Digital Money Lenders immediately.
Also, the extension will enable existing Digital Money Lenders to prepare a budget for the FCCPC registration in addition to the expenses of their licence renewal for the year 2023.
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