President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to dismantle the 12-year monopoly enjoyed by South African technology firm Optasia (formerly Channel VAS) in Nigeria’s airtime credit lending and data advance market.
The directive aims to liberalize a sector estimated to be worth up to ₦3 trillion in annual transaction value, opening it up exclusively to indigenous financial technology companies.
The decision followed a detailed briefing by the FCCPC, during which the commission warned the presidency that Optasia’s long-standing dominance had encouraged massive capital flight.
Profits running into trillions of naira have been transferred out of Nigeria annually while generating limited local economic value. Operating primarily through its subsidiary Nairtime, the recently JSE-listed firm has maintained a near-exclusive grip on airtime credit services—such as MTN’s XtraTime—across major networks and their African affiliates.
Regulators raised serious concerns over the company’s thin operational footprint in the country, noting
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