FG extends deadline for registration of online money lenders

The Federal Competition and Consumer Protection Commission (FCCPC) has announced the extension of the deadline for the registration of online money lenders to March 27, 2023.

The Chief Executive Officer of the commission, Babatunde Irukera disclosed this in a statement on its website.

Irukera stated that the extra time was to ensure the registration of Digital Money Lenders whose registration was still in process and to prevent significant market disruptions.

It is the third time the commission has delayed the registration deadline since enforcing mandatory registration in August 2022.

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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.”