The Federal Competition and Consumer Protection Commission stated on Friday that the deadline for registering online money lenders had been extended.
The procedure has been extended to March 27, 2023, according to the commission’s Chief Executive Officer, Babatunde Irukera, in a statement made available to ANAEDOONLINE.NG.
He stated that the extended time was necessary to assure the registration of Digital Money Lenders whose registration was still pending, as well as to avoid substantial market disruptions.
It is the third time the commission has delayed the registration deadline since enforcing mandatory registration in August 2022.
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.
Senate Confirms Alabi As Executive Commissioner, FCCPC
“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.”
The FCCPC, in recent times, released a limited interim regulatory and registration framework for digital lending in order to curb unethical interest rates, violation of consumer privacy, and other unethical lending practices perpetrated by unchecked digital lenders.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.