Nigerian Govt issues regulations for digital money lenders, defaulters to get N100m fine
[NigerianEye - Nigeria] - 3/09/2025
The Nigerian government has unveiled the Electronic, Online, or Non-Traditional Consumer Lending Regulations (Consumer Lending Regulation) 2025, which addresses longstanding complaints concerning the activities of Digital Money Lenders and Mobile Money Operators (MMOs) popularly known as loan sharks. Ondaje Ijagwu, Director of Corporate Affairs at the Federal Competition and Consumer Protection Commission, FCCPC, disclosed this in a statement on Wednesday. Non-compliant operators of the new regulations face sanctions, which include fines of up to N100 million or 1 per cent of turnover, as (…)
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