The Federal Competition and Consumer Protection Commission (FCCPC) has officially approved five companies to provide airtime and data lending services across Nigeria. This move comes as all major mobile network operators (MNOs) have suspended their own offerings in this space.
MTN and Airtel had previously announced the cessation of their services, and checks confirm that Globacom and T2 (formerly 9mobile) have also followed suit. This collective decision by the MNOs paves the way for the newly approved entities to operate.
The five companies granted approval by the FCCPC are Total Tim Nigeria Limited, Rane Interractive Medien CLS Limited, Mode NG Applications Limited, Cloud Interractive Associate Limited, and Coverage Broadband Limited. These firms have reportedly met all the stringent requirements stipulated in the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025.
According to the FCCPC, the primary objective of these new regulations is to foster a more equitable and transparent environment within the digital lending sector. Ondaje Ijagwu, Director of Corporate Affairs at the NDPC, stated that some telecom operators were found to be engaging in exclusionary third-party arrangements, which contravened the Federal Competition and Consumer Protection Act, 2018.
Ijagwu further explained that the regulations were designed to open the market to both local and foreign participants, aligning with free market principles. Initially, affected operators were given a 90-day compliance period starting July 2025. This window was later extended to January 5, 2026, but the necessary compliance steps were still not completed by the relevant operators.
For the telecom operators, these new FCCPC requirements add to the existing complexities of multiple regulations within the sector. Meanwhile, in a separate but related development, the Federal High Court in Abuja has upheld the FCCPC's authority to investigate consumer complaints against financial institutions. Justice James Omotosho ruled that the FCCPC Act supersedes other laws concerning competition and consumer protection, affirming the commission's jurisdiction over commercial banks and their services.
