FCCPC denies reports of approval to open airtime credit market
The Federal Competition and Consumer Protection Commission (Federal Competition and Consumer Protection Commission) has rejected reports alleging that it received presidential approval to open Nigeria’s airtime credit market to nine additional operators.
The clarification follows widespread media reports claiming that President Bola Tinubu (Bola Tinubu) had approved a restructuring of the airtime credit sector under the government’s “Nigeria First” policy. The reports suggested that the move would allow nine fintech firms to enter a market historically controlled by telecommunications companies and their approved partners.
The companies reportedly linked to the proposed expansion include Technotrends Platforms Nigeria Limited, Total Tim Nigeria Limited, Fonyou Technologies Nigeria Limited, Rane Interactive Medien CLS Limited, MRS Innovation Nigeria Limited, Mode NG Applications Nigeria Limited, ERL Telecoms Service Limited, Cloud Interactive Associate Limited, and Coverage Broadband Limited.
Some accounts also estimated the airtime credit ecosystem at around N3 trillion annually, although industry estimates typically place its value between N300 billion and N400 billion.
In a statement issued on Saturday, FCCPC Director of Corporate Affairs, Ondaje Ijagwu, said the commission was neither aware of nor involved in the claims attributed to it.
“The Commission wishes to state clearly that it is not aware of, and was not involved in, the claims attributed to it in the report absolutely,” the statement read.
The FCCPC also confirmed that the implementation of the Digital, Electronic, and Online Lending (DEON) Consumer Lending Regulations 2025 remains suspended.
Ijagwu explained that the suspension followed an interim injunction issued by the Federal High Court in Lagos (Lagos) on April 15, in a case filed by the Wireless Application Service Providers Association of Nigeria (Wireless Application Service Providers Association of Nigeria).
