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The Federal Competition and Consumer Protection Commission (FCCPC) has approved five companies as airtime and data lenders as new regulations forced all mobile network operators (MNOs) to suspend the services.

While MTN and Airtel officially announced the suspension of the services last week, checks by Nairametrics confirmed that Globacom and T2 (formerly 9mobile) have also done the same, making it an all-MNO decision.

In their place, FCCPC said five firms including Total Tim Nigeria Limited, Rane Interractive Medien CLS Limited, Mode NG Applications Limited, Cloud Interractive Associate Limited, and Coverage Broadband Limited, have been approved as airtime/data lenders in the country.

According to the FCCPC, the five companies have met all the requirements to provide the services as stipulated in the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025.

While the telecom operators have cited compliance issues with the new consumer lending regulations as the reason for the suspension of the services, the FCCPC said the primary aim of the regulation is to promote a fairer and more transparent system in digital lending.

According to the Director of Corporate Affairs at the NDPC, Ondaje Ijagwu, some telecom operators were found to be “engaging in exclusionary third-party technical arrangements in clear disobedience to the provisions of the Federal Competition and Consumer Protection Act, 2018.”

He added that at the commencement of the framework in July 2025, affected operators were granted an initial 90-day compliance period to regularise their products, structures, and operations.

For the telecom operators, the FCCPC’s regulatory requirements compound the existing issue of multiple regulations in the telecom sector.

Asked when the MNOs are likely to comply with the FCCPC’s regulations and resume the services, he said: “For now, we just want to step aside and watch.”

He admitted that the operators would lose some revenue from the suspension of the services.

However, the telecom operators are still indirectly involved as the airtime to be sold by the approved lenders will still come from them.

According to him, the licensed lenders will sign a deal with the network operators to be able to provide the services. This will involve sharing of returns with the network providers.

While the telcos may lose a fraction of their revenue by suspending the services, the bigger losers in the scenario playing out appears to be the subscribers, especially those who rely heavily on airtime borrowing.

Another subscriber, Rachael Oluwajoba, said the suspension of the services that have been saving Nigerians in moments of emergencies is a heavy blow to the subscribers. According to her, many subscribers, who relied on the services would become stranded.

Last week, MTN informed the general public and shareholders that it has temporarily suspended its airtime and data lending services known as “Extratime.”

MTN said customers would continue to have access to other digital channels for purchasing airtime and data while the service remains suspended.

The company also assured investors that the temporary halt is not expected to significantly affect earnings.

Airtel Nigeria followed suit with the same announcement saying it has temporarily suspended its airtime and data credit services.

The company said customers would continue to enjoy uninterrupted access to airtime and data purchases through its existing channels despite the temporary suspension.

The company also stated that the development is not expected to materially affect service standards across the country.