MTN Nigeria Suspends Airtime, Data Loans Amid New Rules

MTN Nigeria announced the suspension of its airtime and data loan services in response to new regulatory requirements introduced by the Federal Competition and Consumer Protection Commission (FCCPC). Uto Ukpanah, the company's secretary, disclosed this decision during a session at the Nigerian Exchange on Thursday.

The temporary suspension is linked to the implementation of new rules for digital and electronic non-traditional consumer lending, which are set to take effect in 2025. These regulations aim to establish a stricter compliance and licensing framework for companies offering digital non-traditional credit services.

Despite the suspension, MTN reassured customers that they can still purchase airtime and data through digital channels. The company does not expect this temporary halt to significantly impact its revenue.

The FCCPC's updated lending regulations are designed to enhance oversight of digital lending services and ensure better consumer protection across the sector.