RismadarVoice Reporters, June 6, 2026
President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to take steps aimed at dismantling what regulators describe as a long-standing monopoly in Nigeria’s airtime credit and data advance market, a sector estimated to be worth about N3 trillion annually.
The move follows a briefing by the FCCPC, which reportedly raised concerns over the dominance of South African technology company Optasia in the market and its impact on competition, local innovation, and economic growth.
According to sources familiar with the discussions, the FCCPC informed the presidency that opening the sector to more participants could strengthen Nigeria’s digital economy, create jobs, encourage indigenous innovation, and reduce capital outflows.
The commission reportedly argued that the market has been largely controlled by a single operator for over a decade, limiting opportunities for local technology firms and reducing competitive growth within the sector.
The presidency is said to have accepted the commission’s recommendations, viewing increased competition as consistent with the administration’s economic development objectives.
Regulators reportedly expressed concern that substantial revenues generated from airtime credit and data lending services are transferred abroad each year, with limited economic benefits retained within Nigeria.
According to the FCCPC’s position, a more competitive market structure could help retain more value in the local economy while strengthening the country’s financial technology ecosystem.
The commission also reportedly raised questions about the level of local operational presence maintained by the company, including concerns regarding employment opportunities and integration with Nigeria’s broader financial infrastructure.
Industry sources cited by the report alleged that the company’s market position has been preserved through a combination of legal and lobbying efforts over the years, a situation regulators believe may have discouraged competition.
The FCCPC is said to view deregulation and broader market access as necessary steps toward creating a more inclusive and innovative digital services sector.
Sources further claimed that attempts were made to preserve the existing market structure through legal challenges and diplomatic engagements. However, the presidency reportedly focused on the economic arguments presented by the FCCPC in support of opening the market.
If implemented successfully, the reforms could significantly reshape Nigeria’s airtime and data credit industry, creating opportunities for local fintech firms and increasing competition in a sector that has become an important component of the country’s digital economy.
Officials believe the initiative could help drive investment, encourage innovation, and deliver greater benefits to consumers while supporting broader economic growth objectives.
