USSD: Banks to pay N150bn debt to Telecom Operators

The debt issue between mobile telecom operators (MNOs) and Deposit Money Banks (DMBs) arising from the use of USSD by customers of Banks to make financial transactions will soon be resolved as the Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) have stepped in to intervene. The debt currently estimated at about N150 billion.

At the recent Telecom Executives and Regulators Forum, the Executive Vice Chairman and CEO of the NCC, Prof Garba Danbatta, said the CBN, under the leadership of its acting governor, has ended the debt nightmare of the MNOs.

Danbatta said a meeting was convened with the MNOs, banks’ CEOs and other stakeholders with the CBN helmsman where the apex bank acknowledged the accumulated debt and the need to pay up while charges for services would henceforth be paid for.

He insisted that customers should not be billed, rather, it should be corporate billing, adding that he hoped the agreement reached by all the parties will be implemented to the letters.

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