The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has revealed that telecommunication companies are pushing for regulatory approval from the Nigerian Communications Commission to withdraw Unstructured Supplementary Service Data services(USSD) of Nigerian banks.
ALTON revealed that the banks have owed over N250 billion for services provided in the last six years.
The USSD service provides airtime and subscription services and has been adopted in the banking sector because it does not require an internet connection.
Gbenga Adebayo, the chairman of ALTON, revealed that the debt payments have been a longstanding concern, Punch reports.
He added that the debt has increased over time, from N80 billion in November 2022 to N250 billion.
Adebayo called on banks to address the outstanding debt.
His words:
Earlier, TimesNow.com.ng provided a full list of all banks’ USSD codes to lock bank accounts in the event of phone theft easily. Banks have also stepped up their efforts to sensitise their customers and advised them on what to do not to fall victim.
The development followed rising cases of fraud linked to USSD in the country.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
