FCCPC to Periodically Monitor Loan App Interest Rates to Protect Customers
[NigerianEye - Nigeria] - 22/08/2025
The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria has introduced new regulations to monitor interest rates charged by digital loan apps, aiming to protect consumers from exploitative practices. The announcement, made on August 22, 2025, is part of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025, effective July 25, 2025.Under the new rules, the FCCPC will periodically review lending rates to ensure they align with consumer protection guidelines, citing Section 163 of the Federal Competition and Consumer Protection Act, 2018. (…)
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