The Federal Competition and Consumer Protection Commission (FCCPC) has approved five companies to take over airtime and data lending services in Nigeria, following the voluntary suspension of the service by major telecom operators.
MTN and Airtel announced their withdrawal last week, with Globacom and 9mobile (now T2) swiftly following suit, leaving millions of users without access to emergency airtime loans.
Approved Operators
The FCCPC has licensed the following firms under its Digital Consumer Lending Regulations (2025):
· Total Tim Nigeria Limited
· Rane Interactive Medien CLS Limited
· Mode NG Applications Limited
· Cloud Interactive Associate Limited
· Coverage Broadband Limited
The Commission stated that these operators met the requirements for fairer and more transparent digital lending.
Regulatory Breaches
An official from the Nigeria Data Protection Commission revealed that telecom operators failed to comply with the regulations despite a 90-day grace period starting July 2025, later extended to 5 January 2026. No compliance was achieved.
Telecoms argue that the new rules add to an already heavy regulatory burden, including oversight from the Nigerian Communications Commission (NCC). For now, they have chosen to step back and observe.
However, the approved lenders will partner with telecom operators, who will remain indirectly involved via revenue-sharing agreements.
Customer Impact
The popular *303# borrowing code has ceased functioning, leaving many Nigerians stranded in emergencies. Users have described the service as a lifeline for urgent calls when funds are low, expressing concern that its suspension will disproportionately harm vulnerable consumers.
Background
MTN and Airtel have described the suspension as temporary, assuring customers that airtime and data remain available through other channels. The FCCPC had initially set 31 October 2025 as the registration deadline for digital lenders, threatening a ₦100 million fine for non-compliance. That deadline was later extended to 5 January 2026 to allow more time for adherence.