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Telecommunication companies are evaluating a proposed repayment plan from Deposit Money Banks (DMBs) in order to resolve the N120 billion debt concerning the Unstructured Supplementary Service Data (USSD) service, according to sources.
The Central Bank of Nigeria (CBN) is reportedly stepping in to mediate in the dispute and has scheduled a meeting with both parties.
An insider from the Association of Licensed Telecommunications Operators of Nigeria, the industry’s umbrella body, indicated that progress is being made, with a meeting between the telcos and banks in the pipeline. The banks have formulated plans for repayment, focusing on payment modalities.
The source mentioned, “The CBN has called all of us to try to resolve the matter. We are looking at a way of fulfilling the promise. Banks have made commitments to pay.”
The debt has been on the rise in 2023, primarily due to the ongoing use of the USSD channel.
Since 2019, telcos and banks have been embroiled in a dispute over USSD-related payments. The initial contention was that banks owed telcos N32 billion for providing financial services through the USSD platform.
A lasting agreement on debt repayment has remained elusive since then, with telcos even considering the suspension of banks’ access to USSD channels.
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