Telecommunications giants MTN and Airtel have reportedly suspended their popular “borrow-me” airtime and data credit services across Nigeria. This decision follows the introduction of stringent new lending regulations by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC).
The new guidelines mandate telecommunications companies to align their credit-offering services with standard financial lending protocols, including more rigorous KYC (Know Your Customer) requirements and interest rate caps. While the suspension is expected to be temporary as the operators reconfigure their systems to comply with the new legal framework, it has caused immediate inconvenience for millions of subscribers who rely on these emergency credit services for connectivity. Industry experts suggest this move is part of a broader federal effort to regulate the digital lending space and curb the rising tide of consumer debt within the mobile ecosystem.
