FairMoney Microfinance Bank says it is embedding regulatory compliance and consumer protection into the design and lifecycle of its financial products as Nigerian regulators intensify scrutiny of digital lending and financial technology operators.
The lender said its approach goes beyond meeting regulatory requirements after products have been developed, with compliance, risk management, legal and consumer-protection considerations incorporated from the initial design and onboarding stages through the entire product lifecycle.
The strategy comes as the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC) strengthen oversight of digital financial services. The FCCPC’s Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 establish standards for consumer lending services, while the Commission has emphasised consumer protection, data compliance and transparency as conditions for digital lenders.
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James Edeh, head of compliance at FairMoney Microfinance Bank, told BusinessDay that the company’s objective was to find a balance between business growth and regulatory obligations without compromising the interests of customers.
