Banks owe telcos over ₦100 billion in USSD fees
The debt grew by over ₦20 billion over the past five months.
Banks owe telcos over ₦100 billion in USSD fees
Recommended articles
![A Bolt driver (image used for illustration) [Bolt]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "A Bolt driver (image used for illustration) [Bolt]")
As of November last year, this amount was pegged at ₦80 billion and the telcos were set for a showdown with the deposit money banks over the accumulated debt.
The increase in the banks’ accumulated debt was confirmed by the Head of Operations of the Association of Licensed Telecoms Operators of Nigeria, (ALTON) Gbolahan Awonuga.
According to a report by The PUNCH, Awonuga revealed that the USSD debts had grown from ₦80 billion as of November 2022, to over ₦100 billion In April 2023. As of March 2022, the accumulated debt stood at ₦42 billion, an amount which has steadily grown over the months to hit over ₦100 billion as revealed by the ALTON boss.
ADVERTISEMENT
The deposit money banks and telcos have scheduled to meet and find common ground to resolve the impending crisis in the sector.
The issue of these unremitted funds has lingered for a while as the Nigerian Communications Commission (NCC) last year, stated that telcos may be forced to shut down USSD services thus ending the banks' access to the service.
The Executive Vice Chairman of the NCC, Prof. Umar Danbatta, had last year, confirmed the commission’s knowledge of the development.
Danbatta however, had stated that the NCC was working hard to address the concern but also agreed that the amount owed the telcos was enough to disrupt their activities and also negatively affect their investments.
A source also confirmed to The Punch that the recovery process for the accumulated funds was being disrupted by some of the DMBs.
ADVERTISEMENT
The source further hinted that the telcos were having a difficult time making the banks pay up as they allegedly had the backing of the Central Bank of Nigeria (CBN).
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Foreign Banks compete for control in East Africa's lucrative retail banking market
Del-York Creative Academy attains another significant milestone in development of Nigerian creative industry
Morocco unveils hydrogen car prototype, buffing up influence of "Made in Morocco" brand
DRC falls out with the World Bank at the cost of $1 billion
Uganda's Ministry of Energy earns $2 Million from latest oil block licenses
PCM organises free conference on sustainability of African tech businesses
Again, naira drops against dollar by 0.14%
Introducing Pulse Sports Kenya
Bolt pledges €2.5m to attract female drivers in Nigeria, others
Pulse Sports
7 Nigerian Sports Stars who hold the Guinness World Record
What a WAG!! Check out the Top 10 most beautiful girlfriends of football players (2023)
Victor Osimhen aiming to break the Ibrahimovic curse
Erling Haaland's father evicted from VIP box for insulting fans after his son failed to score in Champions League clash
Giannis Antetokounmpo tired of disrespect shaves his hair ahead of new season
Ndidi is better than Rice - Nigerians urge Arsenal to go for Super Eagles midfielder
AC Milan legend backs Osimhen for World best
ADVERTISEMENT
![Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele [Punch]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele [Punch]")