Nigeria has approved nine indigenous companies to enter the airtime and data lending market, marking a significant step towards dismantling the long-standing dominance of South African fintech firm Optasia.
The approval, granted through the Federal Competition and Consumer Protection Commission (FCCPC), is part of a broader government effort under President Bola Tinubu to promote fair competition, strengthen local participation in the digital economy and reduce the outflow of revenue to foreign operators.
Officials say the move is expected to diversify Nigeria’s fast-growing digital lending ecosystem, create new opportunities for homegrown technology firms and improve consumer choice by encouraging innovation and competitive pricing.
The initiative also aligns with the administration’s wider economic agenda of fostering indigenous enterprise, retaining more value within the domestic economy and accelerating the growth of Nigeria’s digital and financial services sector.
