“Fair Financial Access Drives Our Mission, Says Optasia’s Agbo

The restoration of airtime lending services across Nigeria’s mobile networks has brought relief to millions of subscribers who rely on airtime advances and other short-term credit facilities to stay connected during periods of financial difficulty.

The development follows months of uncertainty triggered by a regulatory dispute involving the Federal Competition and Consumer Protection Commission’s (FCCPC) Digital, Electronic, Online and Non-Traditional Consumer Lending (DEON) Regulations, which remain the subject of ongoing court proceedings.

Optasia, the financial technology company operating in Nigeria through Nairtime Nigeria, confirmed that Airtime Credit Services (ACS) resumed across all operators on June 24 after the disruption that affected the sector earlier this year.

Commenting on the development, Nairtime Nigeria Chief Executive Officer and Optasia Chief Commercial Officer, Ms. Uchenna Agbo, said access to short-term digital credit remains important for millions of consumers and plays a significant role in advancing financial inclusion.

“We are pleased that all operators have now resumed ACS services in Nigeria,” Agbo said. 

And, explained”These services provide a lifeline for millions of Nigerian consumers who rely on them for daily connectivity, and we welcome this development.”

She added: “Fair financial access is at the heart of our business, and we are committed to working constructively with regulators and our partners as the legal process unfolds to promote a fair, transparent and inclusive digital ecosystem that benefits Nigeria and all Nigerians.”

Industry observers say the return of airtime lending services is likely to ease pressure on many consumers, particularly low-income earners who depend on airtime and data credit facilities to bridge temporary funding gaps.

The resumption comes as stakeholders continue to monitor legal proceedings surrounding the FCCPC’s DEON Regulations, which were introduced to strengthen oversight of Nigeria’s digital lending industry.

Providing context to the dispute, lawyer and social commentator, Ilemona Onoja, said the regulations were designed to address concerns over consumer rights abuses by some operators in the digital lending space.

According to him, the framework sought to curb practices such as harassment of borrowers, violations of data privacy rules and the public shaming of loan defaulters by unlicensed lenders.

The FCCPC has maintained that the regulations are intended to enhance consumer protection and encourage responsible lending practices in the country’s rapidly expanding digital credit market.

Stakeholders, however, have expressed differing views on aspects of the framework, resulting in legal challenges that are expected to return to court on July 20.

Throughout the disruption, Optasia said it continued to engage operators and other industry participants to support the restoration of services across the market.

The outcome of the court proceedings is expected to have wider implications for the future regulation of digital lending, consumer credit services and financial technology operations in Nigeria.

For many subscribers, however, the immediate impact has already been felt, with airtime credit services once again available across the country’s mobile networks.