Major Nigerian banks, including Access Bank, Zenith Bank, and United Bank for Africa (UBA), have fully settled a longstanding ₦160 billion debt owed to telecommunications companies for Unstructured Supplementary Service Data (USSD) services.
This resolution concludes a protracted dispute that had strained relations between the banking and telecom sectors for over five years.
Previously, telecom operators had disconnected certain banks from USSD services due to unpaid debts, prompting interventions from the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC). Following these interventions, a payment plan was established, leading to the eventual settlement of the outstanding amounts.
In a significant shift, telecom companies have now implemented an end-user billing system for USSD services. Under this new arrangement, customers’ airtime balances are directly debited for USSD sessions, replacing the previous model where banks were billed for these services. This change aims to prevent the accumulation of debts and ensure a more sustainable payment structure.
Concurrently, banks have introduced a new SMS alert fee, charging customers ₦6 for each transaction notification received via text message. This adjustment reflects the evolving cost structures associated with delivering banking services and the need to align charges with service delivery expenses.
These developments signify a new phase in the collaboration between Nigeria’s banking and telecommunications sectors, focusing on transparency, sustainability, and improved customer service.
