TINUBU ORDERS BREAKUP OF SOUTH AFRICAN FIRM'S 12-YEAR MONOPOLY ON NIGERIA'S ₦3TRN AIRTIME CREDIT MARKET

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 President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission to end the 12-year exclusive dominance of South African technology firm Optasia over Nigeria's airtime credit lending and data advance services — a market estimated to generate more than ₦3 trillion in annual transactions.

The directive, issued in writing to the FCCPC following a high-level presidential briefing by the commission, orders the regulatory body to use its statutory powers under the Federal Competition and Consumer Protection Act to dismantle Optasia's exclusive arrangements and open the sector to Nigerian fintech firms. Nine indigenous financial technology companies are to be licensed and onboarded as alternative operators.

During the briefing, the FCCPC argued that Optasia has maintained near-exclusive control of the airtime lending market for over a decade despite having no significant operational footprint in Nigeria. The company employs virtually no Nigerian staff, maintains no substantial local infrastructure, does not share consumer credit data with Nigerian credit bureaus or financial institutions, and transfers most of its profits out of the country each year.

Airtime credit lending allows mobile phone users to borrow small amounts of airtime or data when their balance runs out, repaying typically within days — a service used by tens of millions of low-income Nigerians and micro-entrepreneurs who rely on mobile connectivity for business operations.

Tinubu resisted diplomatic pressure to preserve Optasia's position, the sources said, and directed the FCCPC to proceed with enforcement. The commission argued that deregulating the sector would promote competition, create employment for Nigerians, discourage capital flight, and align with the Nigeria First Technology Policy.

Optasia's legal representatives in Nigeria did not respond to inquiries. The FCCPC declined to comment on the record, with a spokesman noting only that it does not discuss ongoing regulatory matters.