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 mobile network operators (MNOs).
FCCPC
The affected telecom operators, including MTN Nigeria and Airtel Nigeria, had announced the temporary halt of their airtime and data credit services in compliance with new regulatory requirements.
Checks indicate that Globacom and 9mobile (formerly Etisalat Nigeria) have also suspended the services, making it a sector-wide decision among telecom operators.
In a statement, the Federal Competition and Consumer Protection Commission said the newly approved firms include Total Tim Nigeria Ltd., Rane Interactive Medien CLS Ltd., Mode NG Applications Ltd., Cloud Interactive Associate Ltd., and Coverage Broadband Ltd.
The commission said the companies met all requirements under the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025.
It explained that the regulation aims to ensure fairness, transparency, and improved consumer protection within Nigeria’s digital lending ecosystem.
Speaking on the development, Ondaje Ijagwu, Director of Corporate Affairs at the Nigeria Data Protection Commission, said some telecom operators had engaged in exclusionary arrangements in violation of existing laws.
He noted that the framework was introduced to open up the market to both local and international participants in line with free market principles.
Ijagwu added that telecom operators were initially given a 90-day compliance window from July 2025, which was later extended to Jan. 5, 2026, but the required adjustments were not completed within the stipulated period.
A telecom official, who spoke on condition of anonymity, said the new regulatory demands added to existing oversight by the Nigerian Communications Commission, thereby creating multiple layers of compliance for operators.
“Telcos are enablers of other sectors and already fully regulated. Additional compliance requirements from different regulators can be distracting,” the source said.
The official added that operators had opted to step aside temporarily while observing developments, noting that some revenue loss would occur as a result of the suspension.
He, however, said telecom companies would still play a role by supplying airtime to the licensed lenders through commercial agreements.
Meanwhile, subscribers have expressed concern over the suspension of the services, particularly those who rely on airtime borrowing during emergencies.
Some users said the popular USSD code *303# is no longer providing the relief it once offered, describing the development as a setback for many Nigerians facing financial constraints.
Ravenewsonline reports that the FCCPC had earlier set Oct. 31, 2025, as the deadline for digital lenders to register or face sanctions, including a fine of N100 million.
The deadline was later extended to Jan. 5, 2026, to allow for full compliance across the sector.
