Civil society groups and local fintech associations are urging the Federal Government to resist industry pressure and move quickly to enforce the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025, saying the rules will finally break the monopoly of Nairatime, a South African-owned intermediary that dominates airtime lending partnerships.
Under current arrangements, MTN — which has the largest market share — partners exclusively with Nairatime, controlling 75% of revenue from airtime loans, while the partner takes 25%. NCC data shows that between 2019 and 2023, MTN alone advanced ₦5.6 trillion in airtime and data loans, charging a flat 15% interest rate.
Section 24 of the new regulation mandates that all telcos must, within 60 days, work with at least two intermediaries for loan activation — one of which must be a wholly Nigerian-owned company. This is intended to open the market for homegrown fintechs and foster fair competition.
“The monopoly has stifled innovation, inflated costs for consumers, and blocked Nigerian-owned companies from participating in a multi-trillion-naira industry,” said Ibrahim Adesina, an economist and consumer protection advocate. “The FCCPC must hold the line.”
Another economist and tech enthusiast, Kingsley Utah, noted that “every day the implementation is delayed is another day of lost revenue and opportunity for Nigerian businesses.” He further emphasized that “this is not just about fairness — it’s about building local capacity and keeping value within our economy.”
