Executive Vice Chairman/Chief Executive, Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello, yesterday, announced the release of Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON Consumer Lending Regulation), 2025, to address longstanding consumer complaints and a variety of issues.
The landmark regulations, made pursuant to Sections 17, 18, and 163 of the Federal Competition and Consumer Protection Act (2018), sought to primarily safeguard consumers by establishing a comprehensive framework.
The blueprint aimed at addressing exploitative practices, data privacy violations, abusive loan recovery tactics, harassment, and anti-competitive behaviour by certain digital lenders and their partners within Nigeria’s rapidly growing digital credit market.
The framework mandates transparency, fairness, responsible conduct, data privacy, and accessible redress mechanisms, all under the oversight of FCCPC.
They were a crucial step towards regulating the country’s rapidly expanding digital lending sector.
Announcing the gazetting and commencement of the regulations in Abuja, Bello said, “For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders.
