The Federal Competition and Consumer Protection Commission (“FCCPC”) has in the exercise of its powers under its enabling law, (the Federal Competition and Consumer Protection Act, 2018 (“the FCCP Act”), ventured into the regulation of digital lending business in Nigeria. Recently, the FCCPC issued the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (“Guidelines for Digital Lending 2022”).

According to the FCCPC, the Guidelines for Digital Lending 2022 was developed and adopted by the Joint Regulatory and Enforcement Task Force as a temporary step towards establishing a clear regulatory framework for the lending space in Nigeria. The Guidelines for Digital Lending 2022 provides for a mandatory registration of digital lenders with the FCCPC and sets out the registration requirements and additional regulatory approval of the FCCPC to carry out the business of digital lending in Nigeria

Requirements for Registration with the FCCPC are as follows:

• Certified copy of the certificate of incorporation of the applicant company;
• A brief description of the business of the applicant company and where relevant, their groups;
• Organogram showing role players and location of key role players and any operational approving authorities/person;
• Name and address of a person within the business who is authorized to accept all correspondence and accept service on behalf of the business;
• Evidence of membership in any trade or professional associations;
• Any service level agreements with any service providers with respect to operations but excluding administration;
• Evidence of feedback and complaint resolution mechanism;
• Evidence of tax payments or tax waivers where applicable;
• All applicable fees and charges associated with service;
• FCCPC Interim Digital Lending Guidelines Form 002 (Declaration for Digital Lending Businesses in Nigeria).