Using 22 undergraduate business students' online learning experiences during the COVID-19 lockdown in Pakistan (as the pandemic was the "only" time these students were enrolled as "online" students in Pakistan), this study demonstrates that online learning is a multi-level phenomenon and a practice situated within the environment. Despite online learning being a heavily researched area, research has under-examined the interaction of the Community of Inquiry (CoI) framework with the context. By adopting an ecological perspective, and by examining the interaction of micro, meso, and macro levels, this qualitative research provides useful insights into the interaction of the individual (micro-level) captured through the CoI framework, with the broader environment in which learners are located (meso and macro levels). It contributes to research on online learning broadly, and the CoI framework specifically, by revealing that each element of the CoI framework (micro-level), is influenced by macro (developing country), as well as meso (institutional policies and institutional preparedness) levels. It also spotlights the negotiated relationship between the individual and the systemic forces. The findings of this study are particularly relevant given that online education has the potential to become a norm in higher education in developing countries.