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Chief Executive Officer of Nairatime Nigeria and Optasia Chief Commercial Officer, Ms. Uchenna Agbo, has reaffirmed the company’s commitment to engaging regulators and industry stakeholders as the legal dispute surrounding Nigeria’s digital lending regulations continues.
Agbo spoke as global AI-powered financial infrastructure company Optasia confirmed that all mobile network operators in Nigeria have resumed Airtime Credit Services (ACS), restoring access to short-term airtime credit facilities used by millions of subscribers across the country.
The resumption, which took effect on June 24, came months after disruptions linked to the controversy surrounding the Federal Competition and Consumer Protection Commission’s (FCCPC’s) Digital, Electronic, Online and Non-Traditional Consumer Lending (DEON) regulations.
Although the regulations remain suspended pending the outcome of the ongoing court proceedings, operators have restored services while stakeholders await the next hearing in the matter fixed for July 20.
Speaking on the development, Agbo welcomed the return of airtime lending services, describing them as critical to millions of Nigerians who rely on them for daily communication.
“We are pleased that all operators have now resumed ACS in Nigeria. These services provide a lifeline for millions of Nigerian consumers, who rely on them for daily connectivity and we welcome this development.”
She stressed that the company remains committed to ensuring broader access to digital financial services while working with all stakeholders involved in the regulatory process.
“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 Nigerians,” she said.
The restoration of airtime credit services is expected to provide relief to millions of subscribers, who depend on airtime advances and related facilities to remain connected during temporary financial constraints.
Industry observers say airtime lending has become an important component of financial inclusion, particularly among the low-income consumers and those operating within the informal economy.
Providing context to the ongoing dispute, a lawyer and social commentator, Ilemona Onoja, said the DEON regulations were introduced to address concerns over the activities of some digital lenders operating outside the established consumer protection standards.
According to him, the framework was designed to tackle abuses by lenders that offered credit without appropriate licences and engaged in practices that violated data privacy and consumer rights, including the harassment and public shaming of borrowers who defaulted on loans.
The FCCPC has maintained that the regulations were introduced to strengthen consumer protection and encourage responsible lending practices within Nigeria’s rapidly expanding digital credit sector.
Optasia said it has continued to work with operators and other stakeholders throughout the disruption period to support the restoration of services across the market.
Founded in 2012, the company operates across 38 countries and processes more than 34 million transactions daily through its AI-powered financial infrastructure platform.
As the July 20 court date approaches, stakeholders across the telecommunications and financial technology sectors are expected to closely monitor proceedings that could influence the future regulatory framework for airtime lending and digital consumer credit services in Nigeria.
