Nigerian Consumer Group Warns Against Suspending Digital Lending Rules, Favors Telcos Over Startups
The Nigerian Consumers' Competition Watch (NCCW) has criticized the suspension of digital lending rules, stating that it benefits big telcos at the expense of small Nigerian startups. Executive Director Abdullahi Bello opposes the regulatory decision, highlighting the disproportionate market power of telcos in the digital lending space.
Similar regulations in India and Kenya initially faced resistance but ultimately led to a healthier fintech ecosystem. The NCCW calls for stakeholder engagement to phase in regulations rather than a blanket suspension, to prevent a regulatory vacuum and accelerate the dominance of big telcos.
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