Abuja, Jan 27, 2023 – The Federal Government has extended the deadline for the registration of Digital Money Lenders, otherwise called loan apps in Nigeria, to March 27, 2023.
Babatunde Irukera, the Chief Executive of the Federal Competition and Consumer Protection Commission (FCCPC) announced the extension in a statement in Abuja on Friday.Â
The extension is coming few days before the January 31st deadline, which is also an extension from the first deadline of November 14, 2022. Â
The statement said that: “On December 6, 2022, in furtherance of the collaboration of the Inter-Agency Joint Task Force and the Federal Competition and Consumer Protection Commission (Commission) the deadline extended the deadline for the registration of the Digital Money lenders (DMLs) to January 31.
“This was to ensure the registration of DMLs whose registration was in process and to prevent significant market disruptions.
“The commission noted that several DMLs have not yet provided all relevant documentation to compete their registration process.
To this end, the commission is further extending the registration deadline to Monday, March 27, 2023,’’ it said.
The FCCPC has been focusing on the activities of loan apps in the country, especially the illegal ones, over allegations of rights violations, and unfair practices, among others.Â
The loan apps charged interest rates that violated the ethics of how lending should be done and were involved in naming and shaming which is a violation of people’s privacy with respect to how these lenders recover loans, among other violations.
This led to the establishment of a Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, which made it mandatory for all digital money lenders in the country to be registered. (GBN)
