The Federal Competition and Consumer Protection Commission (FCCPC) has approved five companies to provide airtime and data lending services in Nigeria, following the suspension of such services by major telecom operators.
Operators including MTN Nigeria, Airtel Nigeria, Globacom, and 9mobile (now T2) have all stepped back from airtime credit services, citing the need to comply with new consumer lending regulations.
In their place, the FCCPC has cleared five firms, Total Tim Nigeria Limited, Rane Interractive Medien CLS Limited, Mode NG Applications Limited, Cloud Interractive Associate Limited, and Coverage Broadband Limited, to operate as licensed airtime and data lenders under the new framework.
According to the Commission, the approvals follow compliance with the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025, which aim to promote transparency, fairness, and competition in the digital lending space.
FCCPC spokesperson Ondaje Ijagwu said some telecom operators failed to meet compliance requirements despite multiple extensions. He added that the reforms are designed to open up the market to more players and prevent anti-competitive practices.
The suspension of services by telecom operators reflects growing regulatory tension, with industry players raising concerns about overlapping oversight, particularly from the Nigerian Communications Commission (NCC) and other agencies.
Despite stepping aside, telecom operators will remain indirectly involved, as the licensed lenders are expected to partner with them to supply airtime and data, sharing revenue in the process.
However, the immediate impact is being felt by subscribers. Many users who rely on quick airtime credit, typically accessed via shortcodes like *303#, now face limited options, especially in emergencies.
The development underscores a broader shift in Nigeria’s digital lending ecosystem, where tighter regulation is reshaping who can offer credit services and how they are delivered. While the reforms aim to protect consumers and improve market structure, they are also disrupting a widely used service, at least in the short term.
