The Federal Competition and Consumer Protection Commission stated on Friday that the registration deadline for online money lenders would be extended.
The procedure has been extended to March 27, 2023, according to a statement made by the commission’s Chief Executive Officer, Babatunde Irukera, and provided to journalists.
According to him, the additional time was necessary to assure the registration of Digital Money Lenders whose registration was still pending and to avoid substantial market disruptions.
Since enforcing mandatory registration in August 2022, the commission has extended the registration deadline three times.
The statement read, “On December 6, 2022, in furtherance of the collaboration of the Inter-Agency Joint Task Force, the Federal Competition and Consumer Protection Commission extended the deadline for the registration of Digital Money Lenders to January 31, 2023.
“This was to ensure the registration of DMLs whose registration was still in process and to prevent significant market disruptions.
“The Commission noted, however, that several DMLs have not yet provided all relevant documentation to complete their registration process.
“To this end, the Commission is further extending the registration deadline to Monday, March 27, 2023.”
In order to stop unethical interest rates, invasions of consumer privacy, and other unethical loan practices carried out by unregulated digital lenders, the FCCPC has established a limited interim regulation and registration framework for digital lending.
