Tinubu Orders FCCPC to End South African Firm’s 12-Year Monopoly Over Nigeria’s Airtime Lending

According to a report by The Daily Post on Saturday, June 6, 2026, President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission to break the stranglehold of South African technology company Optasia over Nigeria’s airtime credit and data advance market — a sector estimated to generate N3 trillion annually.

The directive followed a detailed briefing by the FCCPC, during which the Commission warned the presidency that Optasia’s dominance had fuelled massive capital flight, with profits running into trillions of naira leaving Nigeria yearly while contributing little economic value locally.

For over a decade, Optasia — formerly known as Channel VAS — has maintained a near-exclusive grip on airtime credit and data advance services, particularly on the MTN network and several of its African affiliates.

The FCCPC’s concerns go beyond market control. The Commission noted that despite years of dominance, Optasia maintains no significant administrative presence in Nigeria, employs virtually no Nigerian staff, and does not share consumer credit data with local credit bureaus or Nigerian financial institutions.

Sources familiar with the matter revealed that Optasia did not go down without a fight. Beyond securing an interim court injunction against the FCCPC’s actions, the company reportedly pursued high-level diplomatic pressure — including attempts to enlist a foreign head of state to persuade Tinubu to preserve the status quo.

The presidency, however, rejected the pressure after reviewing the FCCPC’s economic case for deregulation.

Regulators believe opening the sector to competition will grow Nigeria’s fintech ecosystem, create jobs, encourage local innovation, and stop the steady drain of capital abroad — objectives that align directly with Tinubu’s Nigeria First economic agenda.