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.

In order to avoid market disruption, it was added that the extension would extend until March 27, 2023.

“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”, the EVC stated.

The registration was extended by the Commission on December 6th, 2022, until January 31st, 2023.