By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has started delisting Digital Money Lending (DML) operators that failed to regularise their status under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

A statement signed by the FCCPC’s Executive Vice Chairman and CEO, Mr Tunji Bello, on Wednesday noted that under the approved enforcement framework, the commission has withdrawn the conditionally approved status of DML operators that failed to complete the regularisation process within the transitional period.

The move was after the Commission set January 5, 2026, as the deadline for digital lenders to comply with its order.

Speaking on the enforcement measures yesterday, Mr Bello said the actions were necessary to uphold the regulations and maintain regulatory certainty in Nigeria’s digital lending market.

“The compliance window provided under the Regulations has now closed. At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process.

“The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity,” Mr Bello said.

According to the statement, the commission has also begun structured engagement with relevant application hosting platforms and payment service providers, as part of ongoing enforcement and compliance monitoring.

Additional regulatory steps will follow in accordance with the law.

For operators provisionally designated as eligible under transitional arrangements, the commission said it has set a new deadline of April 2026 to complete registration under the DEON Regulations.

“This window is provided to enable affected operators to take steps towards compliance. Operators that choose not to regularise their status within this period may be subject to further regulatory measures, as provided under the law,” Mr Bello said.

He highlighted the importance of the register as a consumer guide, noting that, “The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as of the time of publication.

“Consumers were advised to exercise caution when dealing with digital lenders that do not appear on the commission’s current list of approved operators,” he added.

By Adedapo Adesanya

Summit Bank Limited has announced meeting the new minimum capital requirement set by the Central Bank of Nigeria (CBN), ahead of the March 2026 deadline.

In a press statement, the bank disclosed that it was licensed by the regulator as a regional non-interest bank with a minimum capital requirement of N10 billion. However, as of May 21, 2025, the apex bank had confirmed Summit Bank’s regulatory capital at N15.3 billion, placing it comfortably above the stipulated threshold.

The lender disclosed that the achievement reflects the strong confidence of its shareholders, as well as the effective leadership provided by its Board of Directors and management team, alongside the sustained loyalty of its customers.

According to the statement, attaining full compliance ahead of schedule positions Summit Bank to deepen its role in supporting economic development, expanding financial inclusion, and delivering innovative, ethical financial solutions in line with non-interest banking principles.

Summit Bank added that its strengthened capital base would further reinforce its long-term commitment to operational excellence, financial stability, and customer-focused service delivery across its regional operations.

In late 2023, the CBN updated capital requirements for banks, mandating international banks to N500 billion, national commercial banks to N200 billion, regional commercial banks to N50 billion, and non-interest banks to N20 billion (national) or N10 billion (regional), with a deadline of March 31, 2026.

The policy was to enhance financial stability, leading many banks to raise capital through equity or mergers.

Business Post reports that with two months until the deadline is reached, a number of financial banks are yet to meet their required baseline, raising worries about mergers or even the possibility of an extension by the apex bank.

By Aduragbemi Omiyale

The financial subsidiary of MTN Nigeria, MoMo Payment Service Bank (MoMo PSB), has strengthened its inbound remittance capabilities from the United Kingdom, United States, Canada, and Europe.

The company has also expanded its cross-border transfer service, allowing customers to send funds from Nigeria to other African markets like Kenya, South Sudan, Ghana, Benin Republic, Rwanda, Togo, Cameroon, DR Congo, Congo Brazzaville, The Gambia, Côte d’Ivoire, Liberia, Malawi, Zambia, Sierra Leone, and Uganda.

The enhanced service offering reflects MoMo PSB’s ongoing commitment to advancing financial inclusion by simplifying the process of moving money across borders.

Customers benefit from swift transaction processing, competitive exchange rates, secure transfers, and the ease of receiving funds directly into their MoMo wallets, removing many of the delays and frictions traditionally associated with cross-border remittances.

The expansion is driven by strategic partnerships with Brij, Lightway Finance, and Thunes, leveraging their global payments infrastructure to deliver reliable, efficient, and compliant cross-border transfer experiences.

By widening both its sending and receiving corridors, MoMo PSB continues to deepen access to financial services and strengthen Nigeria’s connection to the global economy—making international payments more accessible, affordable, and seamless for individuals and businesses alike.

“Through our partnerships with Lightway Finance and Thunes, we have strengthened our international payments infrastructure to support both outbound and inbound remittances across key corridors.

“This expansion reflects our commitment to building secure, scalable, and inclusive financial solutions that meet the evolving needs of our customers,” the Executive Director for Strategy and Stakeholder Management at MoMo PSB, Usoro Usoro, said.