With the Nigerian Communications Commission threatening to cut banks off from telecom providers, the Association of Corporate Affairs Managers of Banks has asked for ongoing communication among stakeholders to prevent any harm to bank clients.
The NCC also threatened to make public the identities of 18 banks that have not paid their outstanding debts for accessing the Unstructured Supplementary Service Data platforms of mobile network operators.
The telecom regulator is getting ready to take action, which may include stopping USSD services for the defaulting banks, who collectively owe N200 billion.
Speaking with The PUNCH on Tuesday, the President of ACAMB, Rasheed Bolarinwa, said,
Bolarinwa added that the association was aware that efforts were already being made to resolve the matter, saying,
According to The PUNCH, Access Bank has settled its share of the debt owing to telecom providers for the use of USSD.
Speaking with The PUNCH on Tuesday, January 14th, a source at Access Bank said,
Only four banks have offset their debt to the telcos, according to industry sources who spoke to The PUNCH on Monday.
Speaking on the condition of anonymity, a national bank spokesperson stated that it was a case of reconciliation and expressed hope that it would be completed quickly to prevent service interruptions.
TimesNow.com.ng reported that the Nigerian Communications Commission and the Central Bank of Nigeria have given Deposit Money Banks and Mobile Network Operators a firm order to resolve the ongoing N250 billion Unstructured Supplementary Service Data debt issue.
The decision was issued in a joint circular dated December 20, 2024, and was signed by Chizua Whyte, the head of legal and regulatory services at the NCC, and Oladimeji Taiwo, the acting director of payments system management at the CBN.
According to the Punch, the document contained a structured debt settlement payment plan and new operational guidelines for USSD services.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
