Civil society groups under the umbrella of the Coalition for Economic Fairness (CEF) have called on telecommunications companies operating in Nigeria and their foreign partners to adhere strictly to the Federal Competition and Consumer Protection Commission (FCCPC) Digital Lending Regulations 2025, saying compliance is crucial to ensure consumer safety, transparency, and a fair digital economy.
Speaking at a media briefing in Abuja, the coalition’s spokesperson, Nkechi Eze, commended the FCCPC for introducing what she described as “a transformative policy that places the Nigerian consumer at the heart of financial innovation.”
She stated that for years, Nigerians had suffered exploitation through unregulated online lending platforms that thrived on predatory practices.
According to Eze, the newly implemented FCCPC digital lending regulations are not designed to stifle innovation but to foster responsible growth in the fintech sector.
“The Commission has provided a clear and progressive framework that balances innovation with protection. For the first time, we are seeing strong measures to ensure that wealth created in Nigeria benefits Nigerians,” she said.
Strengthening Consumer Protection Through FCCPC Digital Lending Regulations
The coalition noted that the FCCPC’s new rules will reshape the country’s fast-growing digital lending market by enforcing transparency, accountability, and fair competition among operators.
Eze emphasized that telecommunications companies, who often serve as digital lending enablers through mobile data and USSD infrastructure, must now align their operations with the FCCPC digital lending regulations to ensure compliance and protect users from exploitation.
“For too long, telecom firms and lending apps have operated in silos, creating loopholes that expose consumers to privacy violations and unfair lending terms,” she said.
“The new regulations close those gaps by making collaboration and compliance non-negotiable.”
She also added that the guidelines are timely, considering the increasing volume of financial transactions happening through mobile devices in Nigeria.
“The goal is not to discourage innovation, but to ensure that growth in the fintech ecosystem is ethical, inclusive, and transparent,” she said.
Ending Monopoly and Promoting Inclusive Growth
The Coalition for Economic Fairness also welcomed the FCCPC’s move to dismantle monopolistic lending practices that have dominated the market for years.
According to the group, the regulations will give Nigerian-owned fintech startups a fair chance to compete, while ensuring that value created in the sector remains within the national economy.
“The inclusion of local intermediaries in digital lending partnerships will enhance job creation, data protection, and local wealth retention,” Eze said.
“It is a step toward economic sovereignty in the digital finance ecosystem.”
The coalition further urged telecom companies to open their platforms to indigenous technology partners, arguing that collaboration is essential to achieving a balanced financial system.
“A level playing field will only exist when telcos and digital lenders operate transparently under the same rules,” she noted.
FCCPC Digital Lending Regulations: A Blueprint for Sustainable Fintech
Eze and other members of the coalition praised the FCCPC’s leadership for its proactive approach in addressing long-standing issues around data misuse, excessive interest rates, and unethical recovery methods employed by some lending apps.
They emphasized that full adherence to the FCCPC digital lending regulations would protect millions of Nigerians who rely on digital credit platforms for personal and business financing.
“Innovation should empower, not exploit. By enforcing these guidelines, the FCCPC is helping Nigeria build a sustainable fintech environment that promotes consumer trust and economic stability,” Eze remarked.
She also called on regulatory agencies, including the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), to collaborate closely with the FCCPC to ensure uniform enforcement across the digital financial ecosystem.
CSOs Commit to Advocacy and Oversight
The coalition reaffirmed its commitment to continued advocacy for transparency, data privacy, and fair competition within Nigeria’s digital economy.
It also pledged to work with the FCCPC to monitor compliance among service providers, especially telecommunications firms that play a critical role in financial inclusion.
“As the digital lending landscape evolves, compliance with the FCCPC digital lending regulations must become the industry standard,” Eze concluded.
“Civil society will continue to hold operators accountable to ensure that consumer rights are never compromised in the pursuit of profit.”
The coalition’s appeal comes at a time when the Nigerian fintech sector is expanding rapidly, with over 200 registered digital lending firms and an estimated 30 million users across mobile and online platforms.
Analysts say the FCCPC’s efforts could mark a new era of transparency and consumer confidence if all stakeholders fully cooperate.
The FCCPC digital lending regulations represent a major milestone in Nigeria’s journey toward responsible digital finance.
By compelling telecom operators and fintech firms to prioritize compliance, transparency, and ethical innovation, stakeholders believe the new framework will strengthen Nigeria’s consumer protection landscape, boost investor confidence, and support the country’s digital transformation agenda.
