WASPAN v FCCPC: Nigerian Court Hears Digital Lending Powers Challenge

• WASPAN has appealed the powers granted to the FCCPC under the DEON Regulations.
• The appeal challenges the regulatory framework for digital lending in Nigeria.
• The outcome may set a precedent for regulatory oversight in the sector.
• Digital lenders operating in Nigeria should closely follow this case.

WASPAN's appeal targets the powers granted to the FCCPC under the DEON Regulations, challenging the regulatory framework for digital lending in Nigeria.

WASPAN, a key player in the digital lending sector, has taken its concerns about the regulatory framework to the Court of Appeal. The company's appeal targets the powers granted to the Federal Competition and Consumer Protection Commission (FCCPC) under the Digital Economy Operationalisation Notice (DEON) Regulations. This move is significant, as it challenges the regulatory oversight of digital lenders in Nigeria. The FCCPC has been at the forefront of enforcing regulations aimed at protecting consumers and promoting fair competition in the digital lending space.

The DEON Regulations, which came into effect in 2025, granted the FCCPC powers to regulate digital lenders. The regulations aimed to address issues such as data protection, consumer rights, and fair competition. However, WASPAN's appeal raises questions about the scope of these powers and whether they are too broad. The company is seeking clarification on the regulatory framework for digital lending in Nigeria. This case has implications beyond just WASPAN, as it may set a precedent for regulatory oversight in the sector.

The outcome of this appeal will have far-reaching consequences for digital lenders operating in Nigeria. If the Court of Appeal upholds WASPAN's challenge, it could lead to a re-evaluation of the regulatory framework for digital lending. This may result in changes to the DEON Regulations or the introduction of new regulations. Compliance officers and lawyers should closely follow this case, as it may set a precedent for regulatory oversight in the sector. The potential impact on digital lenders is significant, and stakeholders will be watching closely for any developments.

Lawyers and compliance officers should watch for the potential impact of this ruling on digital lenders operating in Nigeria, as it may set a precedent for regulatory oversight.

Source: Original reporting via Premium Times Nigeria