Digital lenders in Nigeria are currently worried over recent moves by the Federal Competition and Consumer Protection Commission (FCCPC) to regulate their interest rates.
Following complaints by Nigerians that the interest rates of many digital lenders, popularly known as loan apps, are too high, the Commission, through its Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025, said it will now monitor the rates.
“The Commission shall periodically monitor interest rates for services of consumer lending, and ensure rates are not exploitative and inimical to consumer interest. Such monitoring shall be made in compliance with provisions of Guidelines developed pursuant to Section 163 of the Act,” the FCCPC stated in the regulation recently released to all players.