Telecoms Move To Deactivate Nigerian Banks’ USSD Service

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has revealed that telecommunication companies are pushing for regulatory approval from the Nigerian Communications Commission to withdraw Unstructured Supplementary Service Data services(USSD) of Nigerian banks.

ALTON revealed that the banks have owed over N250 billion for services provided in the last six years.

The USSD service provides airtime and subscription services and has been adopted in the banking sector because it does not require an internet connection.

Read Also: EFCC Unveils Cybercrime Rapid Response Service

Gbenga Adebayo, the chairman of ALTON, revealed that the debt payments have been a longstanding concern, Punch reports.

He added that the debt has increased over time, from N80 billion in November 2022 to N250 billion. Adebayo called on banks to address the outstanding debt.

His words: “Normally, this would be a straightforward commercial transaction, but it has attracted political interest.

Under regular circumstances, the contract contains clauses that would allow both parties to prepare and take action. “However, with the political attention that has developed over time, operators now need regulatory approval before proceeding.

Read Also: Breaking: Tinubu Scraps Two Ministries, Merges Others

“The fact is, this debt must be paid. It has been delayed for too long, with ongoing discussions and questions surrounding it. What’s wrong is wrong, and there’s no other way to put it. This debt has been elevated and has lingered for too long.”