Telcos issue disconnection notice to banks over ₦120 billion USSD debt
Telcos have notified banks in Nigeria of their intention to disconnect them from accessing their services following the ₦120 billion USSD debt.
Telcos issue disconnection notice to banks over ₦120 billion USSD debt
Recommended articles
The use of USSD for financial services has become an integral part of the country’s race to financial inclusion as it targets a large number of Nigerians without access to internet facilities.
USSD short codes can enable transactions like fund transfers, checking of bank details and account balances using mobile phones without data or internet connections.
According to data from the Nigeria Inter-Bank Settlement Systems (NIBSS), the value of transfers via USSD in Nigeria has witnessed significant growth as it hit the ₦4.49 trillion mark in 2022.
ADVERTISEMENT
Also, the data also shows that the volume of USSD transfers from January to December 2022 was 516,080,515.
With just about 44% of citizens with access to smartphones, shutting down the USSD services would pose a grave danger to the industry as the figures have confirmed the potential of USSD as a critical channel for electronic transactions.
While the major telcos involved, MTN, Glo, Airtel, and 9mobile have begun the process of issuing disconnection notices to banks, the chairman of the Association of Licensed Telecommunication Operators of Nigeria (ALTON) Gbenga Adebayo however, confirmed that there have been no disconnections yet that the first step was the disconnection notice sent to the banks.
“The duration of this notice is dependent on the terms of the agreement with the operators. Disconnection is a function of if they respond with payment. If they respond with payment, we won’t see disconnections. If they don’t, we would start disconnections over the next days or weeks or months.” He said.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Where to list apartments for rent/sale in Nigeria - Quickteller Homes
ASUS Zenbook S 13 OLED (UX5304) Review: Elevating excellence in portability & performance
FG budgets $3bn crude repayment loan for naira stabilisation
AfDB unveils country by country report on Africa’s green financing needs
Best Online Casinos In South Africa For Gambling 2023: Top casinos updated
Labor union strike in Nigeria gains momentum with the addition of oil workers
Ebonyi, Abia lead as food prices soar by 31% across Nigeria
Google opens applications for ₦75m Hustle academy fund to empower Nigerians
Nigerian SMEs optimistic about growth in remaining months of 2023
Pulse Sports
I still love guys - Super Falcons' Michelle Alozie reacts to lesbian rumour
Heartbreak for Nigeria as AFCON 2027 bid slips away to East African rivals
Victor Boniface or Harry Kane: Who has had the better Bundesliga start?
Steph Curry: NBA star lists Nigeria's Burna Boy and WizKid among favorite music artists
Controversy as Super Falcons' Michelle Alozie unveils her 'female lover'
AFCON 2027: Algeria hands Nigeria a major boost
TikTok wahala: Osimhen deletes Napoli pictures from Instagram
Wilfred Ndidi: Style Essentials inspired by the Leicester City’s Nigerian midfield maestro
TikTok trolling: Osimhen set to sue Napoli for serious damage
ADVERTISEMENT
