Telecoms companies
The Federal Competition and Consumer Protection Commission (FCCPC) has approved five companies as airtime and data lenders as new regulations forced all mobile network operators (MNOs) to suspend the services.
While MTN and Airtel officially announced the suspension of the services last week, checks by confirmed that Globacom and T2 (formerly 9mobile) have also done the same, making it an all-MNO decision.
In their place, FCCPC said five firms including Total Tim Nigeria Limited, Rane Interractive Medien CLS Limited, Mode NG Applications Limited, Cloud Interractive Associate Limited, and Coverage Broadband Limited, have been approved as airtime/data lenders in the country.
The FCCPC said that the five companies have met all the requirements to provide the services as stipulated in the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025.
While the telecom operators have cited compliance issues with the new consumer lending regulations as the reason for the suspension of the services, the FCCPC said the primary aim of the regulation is to promote a fairer and more transparent system in digital lending.
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