Telecom operators in Nigeria are optimistic about resolving the ongoing USSD debt dispute with banks, following a joint directive from the Central Bank of Nigeria and the Nigerian Communications Commission.
The directive, issued on December 20, 2024, provides a structured payment plan for settling the outstanding N250bn debt accumulated from Unstructured Supplementary Service Data transactions.
The payment agreement, which mandates 60 per cent of pre-February 2022 debts to be cleared by July 2025, requires that 85 per cent of post-February 2022 debts be settled by the end of 2024.
The Chairman of the Association of Licensed Telecom Operators of Nigeria, Gbenga Adebayo, expressed confidence that telecom operators are prepared to comply with the new payment framework.
“We have received a clear advisory from the regulators, and we are hopeful that the banks will honour their commitments,” Adebayo told The PUNCH.
“We are expecting the banks to adhere to the schedule, and there will be consequences if they fail to comply.”
Adebayo also welcomed the regulator’s intervention, noting that the resolution of the debt would be a positive step forward for both the banking and telecom sectors.
“The intervention from the regulators is a welcomed development. It has placed us in a better situation, and we are hopeful that all parties will comply with the terms,” he added.
The CBN and NCC have warned that failure to comply with the payment terms will result in sanctions and have called for the withdrawal of all related legal cases.
“We have not gone to court for this, but the banks took some of our members to court. The regulators have directed that any party involved in litigation should withdraw their case,” Adebayo clarified.
The debt crisis, which has strained relationships between banks and telecom operators, is considered crucial for maintaining the continued availability of USSD services, particularly in Nigeria’s rural areas, where mobile banking is a critical tool for financial inclusion.
Adebayo emphasised the importance of resolving the matter to ensure the stability of mobile financial services and other essential telecom services.
“We believe that resolving this issue will bring long-term benefits, especially in terms of service availability and the overall health of both sectors.”
The CBN and NCC’s decision has placed the focus on compliance, with an emphasis on new operational guidelines and payment schedules that aim to bring an end to the prolonged dispute.
