Combine coconut flakes, powdered sugar substitute, and protein powder in a mixing bowl. Ensure thorough mixing.

Integrate sugar-free condensed milk into the mixture, stirring well.

Transfer the combined mixture into an 8 x 8-inch pan lined with parchment paper, pressing it down evenly. Allow it to firm up by freezing for approximately 10 minutes.

Slice the set mixture into 12 bars.

Place chocolate chips in a bowl and microwave in 20-second intervals until fully melted.

Using two forks, coat each coconut bar entirely in melted chocolate.

Arrange the chocolate-coated bars on a lined plate and refrigerate until the chocolate has solidified.