Several Nigerian banks are facing a looming deadline to settle a hefty N160 billion debt owed to telecommunications companies for using their Unstructured Supplementary Service Data (USSD) platforms. The Nigerian Communications Commission (NCC) has issued a stern warning, threatening to cut off USSD access for these banks if the debt remains unpaid by January 27th.
This standoff has been brewing for years, with banks disputing the charges for using USSD services. The Central Bank of Nigeria (CBN) has stepped in, joining forces with the NCC to pressure banks into paying a significant portion of the outstanding debt.
While some banks have reportedly made payments to avoid the impending disconnection, others remain in default. Industry experts anticipate a flurry of last-minute payments as the deadline approaches.
The Impact:
This situation could have a significant impact on millions of Nigerians who rely on USSD services for essential banking transactions. Disconnection would severely disrupt access to basic financial services, potentially causing widespread inconvenience and hardship.
