Consumer rights stakeholders welcome new lending regulations to transform Nigeria’s digital credit landscape by compelling telecommunications companies and digital lenders to share loan repayment data with credit bureaus.

The move, hailed by financial technology and consumer rights stakeholders, is expected to expand access to finance and improve credit scores for millions of Nigerians.

They also welcomed the newly approved Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025.

Analysts made this known at a stakeholders’ meeting in Lagos on Wednesday.

Under the new rules, lenders must report loan data to credit bureaus in line with the Nigeria Data Protection Act 2023.

An economist, Dr Ifeoma Okoye, said this would help improve borrowers’ credit scores, enabling them to access larger formal loans for business and personal purposes.

“This regulation is not just about fairness; it’s about inclusion. For years, telcos have been sitting on massive lending data without integrating it into the financial system. This changes that,” she said.

Consumer finance advocate Mariam Bello also welcomed the move, saying, “When repayment histories are visible, responsible borrowers can finally break free from the cycle of microloans and access real capital. This is how you build financial independence, not just temporary relief.”

The regulations also strengthen consumer protections, ban pre-authorised lending without consent, and require clear disclosure of fees and interest rates.

At present, most borrowers who repay airtime or data loans do not have their repayment records captured in credit histories. Data from the Nigerian Communications Commission shows that in 2023 alone, telcos issued ₦46 bn worth of airtime and data loans, with a cumulative value of N1.4 tr, yet the vast majority of these transactions remain invisible to banks and microfinance institutions.