MTN Nigeria Communications Plc has announced a temporary suspension of its airtime and data borrowing service, Xtratime, following new regulations introduced by the Federal Competition and Consumer Protection Commission (FCCPC).
Newsonspot reports that the telecom company disclosed this development in a filing submitted to the Nigerian Exchange Limited on Thursday, explaining that the updated FCCPC guidelines now impose stricter requirements on providers of digital credit services, including airtime and data loans.
According to MTN, the decision to pause Xtratime is necessary to ensure full compliance with the new regulatory framework. The service, which allows prepaid subscribers to borrow airtime or data and repay upon their next recharge, will remain on hold while the company aligns with the updated rules.
Despite the suspension, MTN reassured customers that alternative channels for purchasing airtime and data remain fully operational. The company also emphasized that the temporary halt of Xtratime is not expected to have any significant impact on its overall revenue.
The FCCPC had earlier mandated all digital lenders, including telecommunications operators, to register under the new regulatory guidelines or risk facing penalties.
