MTN Nigeria suspends Xtratime service due to new FCCPC lending regulations
via Punch Nigeria2 hours ago2 min read
MTN Nigeria has temporarily suspended its Xtratime airtime and data advance service. This decision follows new regulatory requirements introduced by the Federal Competition and Consumer Protection Commission FCCPC. The telecom operator stated in a filing to the Nigerian Exchange Limited that the suspension is to ensure compliance with the FCCPC’s Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025. These regulations require additional licensing and compliance procedures for providers of digital credit services, under which Xtratime falls. MTN clarified that customers can still access other channels for purchasing airtime and data, and the company does not expect the temporary suspension to materially affect its earnings. The FCCPC's 2025 regulations expand oversight of digital lending to include telecom operators and other short-term credit service providers, with full registration expected by April 2026. This tightening of rules addresses concerns regarding consumer debt, data privacy, and lending practices in Nigeria's digital credit sector.
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Original source
This summary was AI-generated from a story originally published by Punch Nigeria.
