x

Nigerian Banks Begin Repaying ₦200 Billion Ussd Debt as Telcos Express Concerns Over Delay

Recent reports indicate that nigerian banks have initiated the repayment of a ₦200 billion debt owed to telecom companies, as agreed upon in late 2023. This debt accrued from the use of unstructured supplementary service data (ussd) services provided by telecom firms, with payments beginning following the involvement of central bank of nigeria (cbn) governor olayemi cardoso.

However, concerns have been raised by gbenga adebayo, president of the association of licenced telecommunication operators of nigeria (alton), over the slow pace of these repayments. Adebayo emphasized that delays in payments could potentially increase the debt due to accrued interest, urging banks to expedite the process.

The dispute over ussd fees between telcos and banks has spanned six years, necessitating regulatory interventions from both the cbn and the nigerian communications commission. Some have speculated that the sluggish repayment may reflect lingering tensions between banks and telcos over fee-sharing disagreements.

In a related development, unnamed bank ceos have defended their stance, highlighting initial disagreements on ussd fee obligations and criticizing the transparency of billing processes initiated by telcos. Despite regulatory directives for banks to collect and remit ussd fees to telcos, ongoing delays in repayments suggest a broader friction in fee management between the two sectors.

The ussd technology, originally intended for airtime and subscription services, gained popularity in banking due to its accessibility without requiring internet or smartphones. Recent regulatory actions, including approvals for potential disconnections and calls for standardized transaction codes, underscore the complexities surrounding ussd fee management in nigeria.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Senator Wamakko Launches Second Phase of Empowerment Program to Support Constituents

By Muhammad Ibrahim, Sokoto Senator Aliyu Magatakarda Wamakko, representing Sokoto...

Bayelsa Launches Tinubu’s Renewed Hope Scheme

By Amgbare Ekaunkumo, Yenagoa The Community Peace and Development Initiative...

Another Tragic Boat Accident in Sokoto Claims 6 Lives, 3 Missing, 19 Rescued

By Muhammad Ibrahim, Sokoto A tragic boat mishap occurred in...

NPA MD Dantsoho Accused of Breaching EFCC Agreement Over ₦57bn Contract Scam – Contractor

By Achadu Gabriel, Kaduna The Managing Director of the Nigerian...

Challenges of Street Begging: Expert Advocates Capacity-Building Training for Children

By Achadu Gabriel, Kaduna Development expert and philanthropist, Mr. Mohammad...

NULGE Urges L.G Workers to Double Efforts in Service Delivery

By Jabiru Hassan The Chairman of the Nigeria Union of...

President Tinubu Committed to Inclusive Prosperity for All Nigerians – Umahi

…Says South East Will Reciprocate with Support for Tinubu’s...

Bichi Pensioners Elect New Executives

By Jabiru Hassan The Bichi Local Government chapter of the...
spot_img

Related Articles

Popular Categories

spot_imgspot_img