Jubilation as MTN Restores Airtime, Data, Borrowing, Confirms Code To Activate
- MTN has restored its airtime and data borrowing service after weeks of disruption caused by a regulatory dispute
- Eligible subscribers can once again borrow airtime and data by dialling the *303# activation code
- Industry stakeholders say the service is a vital lifeline used by about 40 million Nigerians for banking, work and emergency communication
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.
MTN Nigeria has restored its airtime and data borrowing service, allowing millions of subscribers to once again access emergency credit after weeks of disruption linked to a regulatory dispute.
The telecommunications company confirmed that eligible customers can activate the service by dialling *303# to borrow airtime or data based on their approved credit limits.
Source: Getty Images
The restoration comes after Airtel and Glo had already resumed the service, following the suspension of the Federal Competition and Consumer Protection Commission's (FCCPC) enforcement of its Digital, Electronic, Online or Non-Traditional (DEON) Consumer Lending Regulations.
Speaking to Legit.ng, an official of MTN confirmed the resumption of credit service:
"Please be informed that the service is back with the same code *303."
Nigerians welcome MTN's decision
For many subscribers, the return of airtime and data borrowing is more than a convenience, as it provides a critical safety net for accessing banking services, work opportunities, family communication and emergency support.
Among those welcoming the development is Farouk Rabiu, a Lagos-based employee, who said the suspension caught him off guard.
Rabiu said:
The first time I realised I could no longer borrow credit on Glo and MTN came as a big surprise."
He explained that after exhausting his data, he had hoped to borrow airtime to access his bank account but was unable to do so.
"I was devastated because, after exhausting my data, I was hoping to borrow credit to access my bank account. Instead, it was a major disappointment."
Rabiu added that although airtime borrowing attracts service charges, it remains indispensable.
"They do save you from some unnecessary embarrassment. I missed having that option."
ALTON says 40 million subscribers affected
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) said the disruption highlighted how airtime lending has evolved into critical economic infrastructure.
ALTON Chairman Gbenga Adebayo said about 40 million Nigerians rely on the service regularly.
"This episode showed that airtime credit should not be viewed as a conventional financial product, as regulators initially suggested. Instead, it has become essential economic infrastructure relied on by about 40 million people, most of whom are in the lower-income segment of the population."
Source: Facebook
According to ALTON, the dispute put an industry worth an estimated N300 billion to N400 billion a year at risk, raising concerns about consumer protection, investor confidence and regulatory stability, The Guardian reported.
WASPAN also backed the service, noting that airtime and data advances have become a vital source of support for traders, artisans, small business operators and millions of Nigerians who have limited access to traditional credit facilities.
FCCPC obeys court order
Legit.ng earlier reported that the FCCPC maintained that its intervention was intended to improve consumer protection and transparency in the digital lending sector.
Following court orders and industry opposition, the commission suspended enforcement of the regulations pending the determination of the substantive suit.
In a statement signed by Ondaje Ijagwu, Director of Corporate Affairs, the Commission said it decided, in obedience to a Federal High Court order restraining the enforcement of the regulations.
Source: Legit.ng
