Concerns about the effects of monopoly activities on Nigerian consumers and the economy are mounting, which is why the association is calling for a review. [ATE]
Concerns about monopoly activities, foreign exchange leaks, and tax ramifications have prompted the Association of Telecom Entrepreneurs to demand a review of the borrow-me-credit program provided by certain telecom carriers.
Concerns regarding the ownership structure of companies offering the service, the exclusion of Nigerian banks and credit lending institutions, and the exclusive partnerships between leading telecom operators and a single operator were raised by the association, which represents Nigerian companies in the airtime distribution industry.
A representative for the group stated, “We are looking for clarification on these issues to make sure that the borrow-me-credit program helps Nigerian consumers, companies, and the economy.”
The following are the association’s main concerns:
Contrary to Central Bank regulations, contracts for services rendered within Nigeria in dollars
Possible leaks of foreign currency and adverse effects on the value of the naira
Ordinary Nigerians now pay more because of monopoly practices.
The income and financial success of service providers
Tax ramifications of transactions denominated in dollars
The Federal Competition and Consumer Protection Commission (FCCPC), the Nigerian Communications Commission (NCC), the Economic and Financial Crimes Commission (EFCC), and the Federal Inland Revenue Service (FIRS) are among the regulatory bodies that the group has called upon to examine these issues.
“We want to ensure that the borrow-me-credit scheme operates in a transparent, competitive, and affordable manner,” the official continued.
Growing worries about the effects of monopoly activities on Nigerian consumers and the economy have prompted the association to urge for a review.
