Announcing the gazetting and commencement of the Regulations at his office in Abuja, the Commissions Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, stated that for too long, Nigerians had endured harassment, data breaches, and unethical practices by unregulated digital lenders. He said that the regulations drew a clear line, emphasizing that innovation was welcome but not at the expense of the rights and dignity of consumers or the rule of law.
He added that the regulations provided the legal tools to hold violators accountable and to promote responsible digital finance, stressing that no consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending.
The Regulations, which came into effect on July 21, 2025, establishes a robust legal framework to register, monitor, and sanction all forms of digital and non-traditional lending in Nigeria. Applicable to all unsecured consumer lending conducted through electronic, online, mobile, or other non-traditional means, the regulations set out clear requirements for registration, transparency, data privacy, ethical recovery, fair interest rates, and responsible lending.
