The deadline for the registration of digital money lenders, or DMLs, has been extended by the federal government.
This was said in a statement released on Friday by Babatunde Irukera, Executive Vice Chairman and Chief Executive Officer of the Federal Competition and Consumer Protection Commission, FCCPC.
The announcement, according to the commission, comes after a number of DMLs failed to finish their documentation.
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In order to avoid market disruption, it was added that the extension would extend until March 27, 2023.
In order to safeguard the registration of DMLs whose registration was still pending and to avoid substantial market disruptions, this was done.
The Commission did observe that a number of DMLs have not yet submitted the necessary paperwork to complete their registration procedure, though. The registration deadline has now been extended by the Commission to Monday, March 27, 2023, in order to accomplish this.
The registration was extended by the Commission on December 6, 2022, until January 31, 2023.
