business
FG gives banks, telcos six-month ultimatum on N250bn USSD debt
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have issued a final directive to Deposit Money Banks (DMBs) and Mobile Network Operators (MNOs) to resolve the protracted N250bn Unstructured Supplementary Service Data (USSD) debt dispute.
The directive, contained in a joint circular dated December 20, 2024, was signed by the acting Director of Payments System Management at the CBN, Oladimeji Taiwo, and the Head of Legal and Regulatory Services at the NCC, Chizua Whyte. The document outlines a structured payment plan for clearing the debt and introduces new operational guidelines for USSD services.
Under the terms of the directive:
60% of all debts incurred before the implementation of Application Programming Interfaces in February 2022 must be paid as full and final settlement, with payment agreements to be finalized by January 2, 2025, and full settlement due by July 2, 2025.
For debts arising after February 2022, the CBN and NCC mandated that banks pay 85% of all outstanding invoices by December 31, 2024, and ensure that 85% of future invoices are settled within one month of issuance.
Ongoing litigation related to the USSD debt issue must be discontinued.
The regulators also emphasized the transition to end-user billing for USSD services, applicable only to banks and telcos that meet the outlined payment obligations. Pending this transition, operators are required to implement a “10-seconds rule,” ensuring sessions shorter than 10 seconds are not billed.
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Zenith Bank Plc has disclosed that it will exit the regulatory forbearance framework of the Central Bank of Nigeria (CBN) by June 30, 2025. The update was contained in a corporate filing submitted to the Nigerian Exchange Limited on Wednesday. The development follows the apex bank’s recent directive restricting dividend payments, executive bonuses, and offshore…
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NNPCL, Kyari Deny Bias in Niger Delta Contract
The Nigerian National Petroleum Company Limited (NNPCL) and its former Group Chief Executive Officer, Mele Kyari, have pushed back against claims that they improperly awarded a pipeline surveillance contract in the Niger Delta to Tantita Security Services Limited. The allegations were brought before the Federal High Court in Abuja by the Incorporated Trustees of the…
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GTBank Begins Deducting N6.98 USSD Fee from Airtime Balances
Guaranty Trust Bank has commenced a new billing structure for its USSD banking services, with transaction fees of ₦6.98 now being deducted directly from customers’ mobile airtime balances instead of their bank accounts. In a notice to customers, the bank announced the implementation of the change effective June 18, 2025. The shift follows a broader…
The CBN and NCC reiterated their commitment to resolving the debt impasse, stating that the measures are aimed at fostering stability in both the financial and telecommunications sectors while ensuring the continued availability of USSD services for Nigerians.