Nigeria's digital lending sector is experiencing a notable transformation as lenders reduce the availability of unsecured instant loans. This shift is driven by new regulations from the Federal Competition and Consumer Protection Commission (FCCPC), which have prompted lenders to focus on borrowers with verifiable income, established credit histories, and predictable cash flows. The move aims to mitigate risks associated with lending to individuals without stable financial backgrounds. Consequently, the market is seeing a more cautious approach to credit extension, prioritizing safer lending practices.
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