The Central Financial institution of Nigeria (CBN) and the Nigerian Communications Fee (NCC) have directed Deposit Cash Banks (DMBs) and Cell Community Operators (MNOs) to settle the protracted N250 billion debt dispute over Unstructured Supplementary Service Information (USSD) companies.
In a joint round titled ‘2nd Joint Round of the Central Financial institution of Nigeria and the Nigerian Communications Fee on the Decision of the USSD Debt Difficulty Between Deposit Cash Banks and Cell Community Operators’, dated December 20, 2024, the regulators outlined measures to resolve the long-standing problem between the 2 events.
The round was collectively signed by the Performing Director of the Funds System Administration Division on the CBN, Oladimeji Taiwo, and the Head of Authorized and Regulatory Providers on the NCC, Chizua Whyte.
To handle the dispute, the CBN and NCC mandated that DMBs should pay 60% of all excellent pre-API invoices as a full and closing settlement, fee plans—both lump sum or installment—should be agreed upon by January 2, 2025 and installment funds should be accomplished by July 2, 2025.
The round additionally famous that DMBs should pay 85% of excellent post-API invoices by December 31, 2024, and all future post-API invoices should be settled inside one month of issuance.
On the problem of litigation discontinuation, each DMBs and MNOs had been directed to instantly halt all authorized actions associated to the USSD debt problem, failure to adjust to the directives, the round warned, will appeal to sanctions from the CBN and NCC.
The round highlighted that the transition to EUB will likely be activated just for compliant DMBs and MNOs. Pending finalisation of the transition, MNOs have been instructed to undertake a “10-second rule” for USSD billing, which exempts classes lasting lower than 10 seconds from expenses.
Moreover, DMBs utilizing pay as you go billing techniques have the choice emigrate to EUB, supplied they accomplished the mandatory regulatory processes.
LEADERSHIP experiences that this directives come amid rising stress between the monetary companies and telecommunications sectors over unpaid USSD money owed.
The round additionally highlighted plans for public enlightenment initiatives to coach end-users concerning the transition to EUB, aimed toward fostering transparency and bettering the client expertise.
Each our bodies underscored their dedication to resolving the dispute and guaranteeing stability within the monetary and telecommunications sectors, noting that non-compliance with the directives won’t be tolerated.
“Failure to adjust to the phrases outlined on this directive will appeal to obligatory sanctions, guaranteeing that each DMBs and MNOs uphold their obligations,” the round said.
