Introduction
The Federal Competition and Consumer Protection Commission (the “Commission”) has released the Limited Interim Regulatory/Registration Framework and Guidelines (the “Guidelines”) for Digital Lending 2022. This is stated to be in exercise of the powers conferred upon it by sections 17, 18 and 163 of the Federal Competition and Consumer Protection Act, 2018.
The Guidelines provide that it is the Commission’s approach to regulating the digital lending space and makes provisions for the requirements for approval/registration to carry out the business of digital lending in Nigeria. It aims to provide guidance to the operators and businesses in the digital lending industry pending the development of a more comprehensive framework by the Inter-Agency Joint Regulatory and Enforcement Task Force comprising of the Commission, the National Information Technology Development Agency (NITDA) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
