Tinubu Orders FCCPC to Break Optasia’s 12-Year Monopoly in Nigeria’s Airtime Credit Market
President Bola Tinubu has instructed the Federal Competition and Consumer Protection Commission (FCCPC) to dismantle the alleged 12-year monopoly enjoyed by South African technology firm Optasia (formerly Channel VAS) in Nigeria’s airtime credit lending and data advance sector.The directive, if implemented, is projected to unlock an estimated ₦3 trillion annual revenue and reshape Nigeria’s digital economy.
The FCCPC, in a detailed briefing to the presidency, warned that Optasia’s dominance has facilitated massive capital flight, with profits in trillions of naira transferred abroad annually while contributing minimal local value.
Despite its market control, Optasia reportedly maintains no significant operational footprint in Nigeria, employs few or no Nigerian staff, and fails to share consumer credit data with local credit bureaus or financial institutions.
The Commission argued that deregulating the sector would promote competition, strengthen Nigeria’s fintech ecosystem, create jobs, and align with the administration’s Nigeria First economic agenda.
Sources alleged that Optasia has relied on litigation, lobbying, and diplomatic pressure to preserve its market position, including securing interim injunctions against FCCPC actions and attempting to influence the presidency through foreign diplomatic channels.
The presidency, however, rejected these overtures after reviewing FCCPC’s economic case for reform.
The FCCPC believes that dismantling Optasia’s monopoly will transform a market long dominated by a single foreign operator into a competitive ecosystem capable of delivering prosperity for Nigerian businesses, consumers, and the wider economy.
