Telecom entrepreneurs raise concerns over borrow-me-credit scheme

Telecom entrepreneurs raise concerns – Telecom entrepreneurs raise concerns…

Telecom entrepreneurs raise concerns – The association’s call for…

The association’s call for review comes amid growing concerns over the impact of monopoly practices on Nigerian consumers and the economy.

The Association of Telecom Entrepreneurs has called for a review of the borrow-me-credit scheme offered by some telecom operators, citing concerns over monopoly practices, foreign exchange leakages, and tax implications.

The association, representing Nigerian businesses in the airtime distribution sector, expressed worries about the ownership structure of businesses providing the service, the exclusion of Nigerian banks and credit lending institutions, and the exclusive partnerships between top telecom operators and a single operator.

“We are seeking clarity on these matters to ensure that the borrow-me-credit scheme benefits Nigerian consumers, businesses, and the economy,” said a spokesperson for the association.

Key concerns raised by the association include:

– Dollar-denominated contracts for services provided within Nigeria, contrary to Central Bank regulations

– Potential foreign exchange leakages and negative impact on naira exchange rate

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– Increased costs to ordinary Nigerians due to monopoly practices

– Revenue and profitability of service providers

– Tax implications of dollar-denominated contracts

The association has urged regulatory agencies, including the Nigerian Communications Commission (NCC), Economic and Financial Crimes Commission (EFCC), Federal Competition and Consumer Protection Commission (FCCPC), and Federal Inland Revenue Service (FIRS), to review these matters.

“We want to ensure that the borrow-me-credit scheme operates in a transparent, competitive, and affordable manner,” the spokesperson added.

The association’s call for review comes amid growing concerns over the impact of monopoly practices on Nigerian consumers and the economy.
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