Buy Now, Pay Later (BNPL) is rapidly gaining ground in Nigeria’s retail and digital economy, offering consumers the ability to access goods and services while deferring payment over time. While often presented as a convenient payment option, its growing adoption raises a more fundamental issue: whether BNPL is, in substance, a form of consumer credit operating under a different label.

This article examines the legal and commercial implications of BNPL within Nigeria’s evolving financial landscape. It analyses the structure of BNPL transactions, their classification under Nigerian law, and the risks they pose to consumers and market stability. It also considers the role of the Federal Competition and Consumer Protection Commission, particularly under the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025, in shaping oversight of such products.