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

Ruben Amorim Lists Four Reasons Casemiro Is ‘So Important’ to Manchester United

Manchester United’s resurgence under manager Ruben Amorim continued on...

BREAKING:** Nnamdi Kanu’s Lawyers Quit Terrorism Case

Lead counsel and former Attorney-General of the Federation, Kanu...

Over 50 terrorists neutralize, 70 wounded in severe battle with troops

By Achadu Gabriel, KadunaWith renewed vigour and triumph,...

Kaduna Partners REA to Boost Renewable Energy Access, Drive Industrial Growth

By Achadu Gabriel, KadunaThe Kaduna State Government, under the...

Gov. Ododo Pledges Full Support for North-Central Nigeria Prays Rally in Kogi

By Noah Ocheni, LokojaKogi State Governor, Ahmed Usman Ododo,...

Principal Urges Parents to Monitor Children’s Activities to Curb Social Vices

By Noah Ocheni, LokojaThe Principal of GYB Model Science...

CHAIN Urges Federal Government to Adopt National Policy on Religious Freedom and Equal Protection

By Achadu Gabriel, KadunaThe Christian Awareness Initiative of Nigeria...

North-Central APC Forum Backs Mutfwang, Rejects Plateau APC Leaders’ Move to Block Defection

By Israel Adamu, JosThe North-Central All Progressives Congress (APC)...

Nasarawa Farmers Triple Rice Yields with Climate-Smart Farming Innovations

By Abel Zwanke, LafiaFarmers in Nasarawa State have recorded...

Ex-Liverpool Star Explains Why Arsenal Won’t Win the Premier League This Season

Arsenal’s blistering start to the season has reignited hopes...

Ruben Amorim’s Tactical Shift Could Earn Manchester United £24 Million

Ruben Amorim’s bold decision to deploy a striker-less formation...

NGO Trains Plateau Judges, Security Operatives on Enforcement of Child Rights Law 2005

By Israel Adamu, JosThe Child Protection Network (CPN), Plateau...

Related Articles

Popular Categories

spot_imgspot_img