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There are strong indications that from 7 pm today, bank customers may face disruptions in accessing online banking transactions that rely on the Unstructured Supplementary Service Data (USSD) platform. These transactions could be affected, including fund transfers, checking bank details, and getting account balances using shortcodes on mobile phones without internet connectivity.
Reliable sources have revealed that the Nigerian Communications Commission (NCC) has approved telecom companies (telcos) in Nigeria to suspend their USSD services to the banks due to a growing debt exceeding N120 billion. To mediate the situation, the Minister of Communications and Digital Economy called for a meeting on Thursday between the NCC, Telcos, and the banks, hoping to find a resolution. However, the banks and their regulator declined to attend the meeting.
The Minister permitted the NCC to fulfill the operators’ request to disconnect the banks from the USSD services. This ongoing dispute between telcos and banks revolves around unpaid charges agreed upon by the telcos for providing USSD services to bank customers.
Despite previous interventions involving the NCC, Central Bank of Nigeria (CBN), and relevant ministries, the debt profile continues to rise instead of diminishing. Telcos claim banks have been negligent in fulfilling their payment obligations, while the banks seem to lack a defense for the accumulating debts.
During the last two interventions between 2020 and 2022, the debt profile ranged between N42 and N80 billion. However, a reliable source from the operators has disclosed that the debt has now surpassed N120 billion, and they are determined to withdraw their services starting tonight.
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Source: Omanghana.com
