President Tinubu Orders FCCPC to Dismantle Dominance of South African Technology Firm Optasia in Nigeria’s Tele- Communication Industry
President Bola Ahmed Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to dismantle the long-standing dominance of South African technology firm Optasia in Nigeria’s airtime and data credit market. The government has approved nine Nigerian companies to compete in the sector, which is estimated to generate over ₦3 trillion annually.
The Federal Government’s directive and market deregulation seek to achieve the following:
The President of the Federal Republic of Nigeria and Commander-in-Chief of the Nigerian Armed Forces.
End Capital Flight: Regulatory agencies warned that the exclusive backend dominance of the South African firm resulted in massive capital flight and transferred valuable data monetization out of the country.
Drive Local Innovation: By opening the ecosystem, indigenous fintech providers and local digital lenders can directly participate and retain profits, taxes, and jobs within the Nigerian economy.
Build Consumer Credit Profiles: Previous operations allegedly failed to report credit activity to licensed Nigerian bureaus. The regulatory transition is geared toward ensuring citizens’ borrowing and repayment patterns are formally documented to help build their formal credit histories.
