Federal Government Approves 4 More Companies for Airtime, Data Borrowing Service in Nigeria
- The FCCPC has approved four additional companies to provide airtime and data borrowing services in Nigeria
- ERL Telecoms Service Limited and Fonyou Technologies are among the newly approved companies
- The commission has also clarified reports that it has banned the service after Airtel and MTN suspended the service
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Federal Government has approved additional companies to provide airtime and data borrowing services in Nigeria.
The new list obtained from the Federal Competition and Consumer Protection Commission (FCCPC) website on Monday, Monday 22, showed that there are now nine companies cleared to operate airtime and data advance services nationwide.
Source: Facebook
In the FCCPC approval status document titled "FCCPC Airtime/Data Lenders Approval Status," all these firms meet the required criteria to operate as credit service providers.
Companies approved for data borrowing
- Total Tim Nigeria Limited
- Rane Interactive Medien CLS Limited
- Mode NG Applications Nigeria Limited
- Cloud Interactive Associate Limited
- Coverage Broadband Limited
- ERL Telecoms Service Limited
- Mrs Innovation Nigeria Limited
- Fonyou Technologies Nigeria Limited
- Technotrends Platforms Nigeria Limited
The new companies come at a time when Nigerians are facing severe economic difficulties and increasingly rely on borrowing to survive.
FCCPC dismisses ban on airtime, data borrowing
This approval list comes after the FCCPC denied reports that it had banned airtime and data advance services in the country.
On Friday, April 17, FCCPC published a statement saying that it had issued no order to any telecom operator to shut down airtime borrowing or data advance services. FCCPC said the information is fake.
Source: Getty Images
It states that these reports of a ban originated from the July 2025 implementation of DEON Consumer Lending Regulations, designed to prevent exploitation of customers in digital lending services and value-added services space after receiving complaints.
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FCCPC, in a press release, said:
"The attention of the Federal Competition and Consumer Protection Commission has been drawn to a series of newspaper publication and a viral anonymous post in the social media seeking to create the impression that the Commission cancelled, shut down, or banned airtime borrowing or data advance services in Nigeria."
"Those claims are incorrect. The Commission has not prohibited airtime borrowing or data advance services, and no directive was issued preventing consumers from accessing lawful telecom value-added services."
The commission added that the regulations were put in place following a lot of complaints about unfair charges, mysterious deductions, aggressive recovery methods for loans, lack of transparency, and poor accounting procedures.
CBN rolls out new rules for loan disputes
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has released an exposure draft proposing the establishment of a 30-member Mediation and Dispute Resolution Panel (MDRP).
According to a circular signed by the acting director of the Development Finance Advisory Department, Paul Oluikpe, the initiative is part of broader efforts to enhance the financial ecosystem, ensure compliance with existing legislation, and improve the efficiency of financial intermediation.
Source: Legit.ng
