Following moves by telecommunication companies in Nigeria to disconnect bank customers from accessing online banking transactions that depend on the Unstructured Supplementary Service Data, USSD platform to function, The Central Bank governor has intervened to resolve the crisis.
The Nigerian Communications Commission, NCC, has given the telecom companies, telcos, in Nigeria the go-ahead to withdraw their USSD services to the banks, following growing debt, which has accumulated to over 120 billion naira.
As at the last two interventions by the NCC, CBN and Minister of Communications between 2020 and 2022 the debt profiles were between 42 billion and 80 billion naira.
Speaking on the intervention, the Ag Director, corporate communication, Dr Abdulmumin Isa said the Apex Bank is very much aware of the protracted dispute between the banks and telcos and has been engaging all stakeholders to ensure an amicable resolution.
Dr Isa explained that at a recent meeting of the Deposit Money Banks & Telco’s representatives chaired by the CBN Governor to resolve the issue, he acknowledged the telcos right to collect all legitimately earned fees due to them and to recover their cost.