Gate News message, April 16 — MTN Nigeria has temporarily suspended its Xtratime service, which allows subscribers to borrow airtime or data and repay later, to comply with the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 (DEON). The suspension follows new compliance and licensing requirements introduced by Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) for entities providing digital lending services.
Normal voice and data purchases remain available through USSD, banking platforms, mobile apps, and POS agents. MTN stated that the Xtratime service does not represent a significant revenue driver and does not expect the temporary suspension to have a material financial impact. The company will monitor customer reactions and usage changes, with the actual effect to be detailed in Q1 2026 financial results. No timeline has been provided for when the service will resume.
The DEON framework, effective July 21, 2025, establishes comprehensive rules to combat predatory lending and protect consumer data. Key requirements include mandatory registration for digital lenders, transparent loan terms, ethical debt collection practices, and a prohibition on automatic loans. However, implementation has faced legal challenges: on Wednesday, a federal high court in Lagos temporarily blocked the FCCPC from enforcing parts of the rule after the Wireless Application Service Providers Association of Nigeria contested the regulations.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Polish Parliament Fails to Override President's Veto on Crypto Law; PM Alleges Russian Interference
Polish lawmakers failed to override President Nawrocki's veto on a cryptocurrency regulation bill aimed at aligning with EU standards. Tensions rise as accusations emerge of Russian influence in a major crypto exchange amid liquidity issues and lack of regulation.
GateNews1h ago
White House Mediates Clarity Act Stablecoin Dispute, Witt Reveals Legislative Timeline
Patrick Witt announced at the Solana Policy Institute summit that the White House mediated a stablecoin dispute to advance the Clarity Act. The compromise allows banks and crypto firms to together address regulatory concerns, with future focus on crypto taxation and blockchain integration strategies among financial institutions.
GateNews7h ago
Hong Kong SFC Investment Committee Warns Prediction Market Trading May Constitute Illegal Gambling
The Hong Kong SFC warns that prediction markets are speculative and not investment products, lacking regulatory protection. They involve gambling elements, potentially making them illegal. The committee urges the public to differentiate between investment and gambling.
GateNews9h ago
Economist Proposes National USD Stablecoin to Eliminate Currency Controls in Venezuela
Alejandro Grisanti, head of Ecoanalitica, proposed issuing a national USD stablecoin as part of a series of measures to lift currency controls in Venezuela. This system would complement the current auction system, allowing the excluded sector to receive dollars via blockchain rails.
Key
Coinpedia12h ago
Elizabeth Warren Accuses SEC Chair Paul Atkins of Misleading Congress Over Enforcement Decline
Senator Elizabeth Warren accused SEC Chair Paul Atkins of misleading Congress about enforcement actions' decline. With only 456 new cases in 2025, concerns arise regarding the SEC's effectiveness and the regulatory landscape for cryptocurrency and market oversight.
GateNews12h ago
CLARITY Act Delay Continues as Senator Thom Tillis Signals Ongoing Talks
Lawmakers are delaying the CLARITY Act due to ongoing negotiations on stablecoin provisions, with timing uncertain and potential markup pushed to late April or early May. Kevin Warsh’s financial disclosures add complexity to regulatory discussions.
CryptoFrontNews15h ago
