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Regulatory Affair: FCCPC extends registration of digital money lenders

*Nigeria’s Federal Competition and Consumer Protection says the market regulator further extends the registration deadline till March 27, 2023, to enable the Digital Money Lenders provide all relevant documentation to complete their registration process

Gbenga Kayode | ConsumerConnect

The Federal Competition and Consumer Protection (FCCPC) announces the regulatory Commission, again, has extended the registration deadline for the registration of the Digital Money Lenders (DMLs), otherwise known as ‘loan sharks’ in Nigeria till Monday, March 27, 2023.

Mr. Babatunde Irukera, Executive Vice-Chairman/Chief Executive Officer (CEO) of FCCPC, in an update issued Friday, January 27, 2023, noted  the market regulator shifted the deadline pursuant to Sections 17(a), (e), (g), (h). (1), (m), (s). (x), (y), 18(3): 123; 124: 127; 129 and 130 of the Federal Competition and Consumer Protection Act (FCCPA) 2018.

Some Nigerian digital loan firms

Irukera recalled that the Commission December 6, 2022, in furtherance of the collaboration of the Inter-Agency Joint Task Force had extended the initial deadline for the registration of DMLs to January 31 this year.

The FCCPC Chief Executive also explained the rationale for the decision was to ensure the registration of DMLs whose registration was still in process, and to prevent significant market disruptions in the country’s economy.

According to him, the Commission noted, however, that several DMLs had not yet provided all relevant documentation to complete their registration process.

Irukera said: “To this end, the Commission is further extending the registration deadline to Monday, March 27, 2023.”

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