The Federal Competition and Consumer Protection Commission (FCCPC) has extended the deadline for the registration of Digital Money Lenders (DMLs).
According to a statement on Friday by the FCCPC, Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, the extension would last till 27th March 2023 to prevent market disruption.
The commission stated that the announcement comes after several DMLs failed to complete their documentation.
“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”, Irukera stated.
He also said it was in furtherance of the collaboration of the Inter-Agency Joint Task Force.
He noted, however, that several Lenders were yet to provide all relevant documentation to complete their registration process.