Banks Pay ₦32bn of ₦74bn USSD Debt to MTN, But ₦42bn Still Lingers
MTN Nigeria has managed to recover ₦32 billion from banks as part of the ongoing USSD debt dispute. However, However, a staggering ₦42 billion remains unpaid, leaving telecom operators across the country anxiously awaiting settlement.
This long-standing issue has its roots in 2019, when banks continued to charge their customers for USSD services without remitting the corresponding fees to the telecom companies, creating a deep financial hole. Initially, the total debt was estimated at ₦250 billion but was later revised down to ₦212 billion – still a hefty 81% of the original amount.
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) stepped in after major telecom providers—MTN, Airtel, GLO, and 9mobile—threatened to sever USSD service access for banks.
CBN Intervention: The CBN set a payment deadline for January 2, 2025 for banks to settle the outstanding USSD charges.
NCC Intervention: The NCC declared that any bank failing to remit payments by January 27, 2025 would have their USSD codes cut off and reassigned to other businesses.
This intervention aims to resolve the ongoing USSD debt dispute and prevent disruption to telecom services.
Despite efforts to resolve this, including threats from telecom providers to disconnect USSD services in 2021, the issue remains far from over. With the intervention of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), a payment deadline of January 2025 was set. Yet, many banks have failed to meet this deadline, leaving the telecom industry in suspense and the public questioning why this massive debt remains unresolved.
What’s next? Will the banks face consequences for missing deadlines, or will this massive debt crisis continue to simmer? Only time will tell, but one thing is clear: the issue is far from over.
