In a joint circular issued by the Central Bank of Nigeria and the Nigerian Communications Commission, Deposit Money Banks and Mobile Network Operators have been directed to settle the long-standing N250bn USSD debt dispute.
The directive, obtained exclusively by our correspondent, outlines specific measures for debt settlement and expresses deep concern over the unresolved issue between DMBs and MNOs regarding the use of MNOs’ USSD platforms for banking services.
The circular dated December 20, 2024, signed by the Ag Director of the Payments System Management Department at the CBN, Oladimeji Taiwo, and the Head of Legal and Regulatory Services at the NCC, Chizua Whyte, outlined specific measures for debt settlement.
The regulators expressed deep concern over the protracted dispute between DMBs and MNOs regarding the use of MNOs’ USSD platforms for banking services. Despite several efforts, the issue remains unresolved.
In response to this, the CBN and NCC directed that 60 per cent of all pre-API invoices must be paid as full and final settlement.
DMBs and MNOs are required to agree on payment plans, either a lump sum or an installment, by January 2, 2025. If installment payments are chosen, they must be completed by July 2, 202
The regulators have instructed that a significant portion of outstanding invoices must be paid as full and final settlement by specific deadlines, with the immediate discontinuation of all related litigation.
Failure to comply with the directives will result in sanctions by the relevant regulatory bodies, with further guidance provided on public enlightenment initiatives related to the transition to end-user billing
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