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Nigeria’s digital lending space is set for a major transformation as new regulations compel telecommunications operators and digital lenders to share loan repayment data with credit bureaus, a move widely welcomed by consumer rights and fintech stakeholders.
The Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025, recently approved by regulators, aim to boost credit access, enhance borrower profiles, and strengthen consumer protections. The rules mandate that lenders report loan transactions in compliance with the Nigeria Data Protection Act 2023.
Speaking at a stakeholders’ meeting in Lagos on Wednesday, economist Dr Ifeoma Okoye said the framework would help millions of Nigerians build verifiable credit histories, paving the way for larger and more affordable loans for both personal and business use.
“This regulation is not just about fairness; it’s about inclusion,” she noted. “For years, telcos have held vast lending data without integrating it into the formal financial system. This changes that.”
Consumer finance advocate Mariam Bello also commended the move, emphasising its potential to break the cycle of dependency on microloans.
“When repayment histories are visible, responsible borrowers can finally access real capital and build financial independence — not just temporary relief,” she said.
Beyond data-sharing requirements, the regulations prohibit pre-authorised lending without explicit consent and require clear disclosure of all fees and interest rates.
Currently, repayment of airtime and data loans — a significant portion of digital microcredit activity — is largely excluded from borrowers’ credit records. Nigerian Communications Commission data shows telcos issued ₦46 billion worth of airtime and data loans in 2023 alone, with a cumulative value of ₦1.4 trillion to date. Yet, most of these transactions remain invisible to banks and microfinance institutions, limiting borrowers’ ability to leverage their repayment history for broader financial access.
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