Digital lenders face up to ₦100m fine for unethical conduct under FCCPC new rules
- The FCCPC has introduced fines ranging from ₦50 million to ₦100 million for digital lenders engaging in unethical conduct.
- New regulations require all lending entities, including those licensed by states, to register and adhere to fair treatment of customers.
- The regulations mandate that lenders limit advertising and cease unsolicited marketing to protect consumer interests.
While the new regulations are a necessary step towards protecting consumers in Nigeria's digital lending space, they also pose challenges for lenders in terms of compliance costs and operational flexibility. A balanced approach is essential to ensure that the regulations do not stifle innovation or accessibility in financial services.
