The Central Bank of Nigeria and the Nigerian Communications Commission have directed mobile network operators and deposit money banks to settle a long-standing USSD debt of N250 billion by agreeing on payment plans.
The Central Bank of Nigeria, (CBN) and the Nigerian Communications Commission, (NCC) have directed mobile network operators (MNOs) and deposit money banks (DMBs) to resolve the long-standing N250 billion unstructured supplementary service data ( USSD ) debt.
The directive is contained in a document titled, ‘2nd Joint Circular of the Central Bank of Nigeria and the Nigerian Communications Commission on the Resolution of the USSD Debt Issue Between Deposit Money Banks and Mobile Network Operators’, released on Monday. The two regulators stated specific measures for the debt settlement. The CBN and the NCC expressed deep concern over the protracted dispute between DMBs and MNOs regarding telco’s use of USSD platforms for banking services. The regulators directed DMBs and MNOs to agree on payment plans, either a lump sum or installment by January 2, 2025. They said if installment payments are opted for, they must be completed by July 2, 2025. “That sixty per cent 60% of all pre API invoices must be paid as full and final settlement of such invoices. In this regard, payment plans (lump sum or installments) must be agreed between a concerned DMB and MNO by January 2, 2025,” the circular reads. “For the avoidance of doubt, where installmental payment is proposed by a DMB, such proposal must be based on equal monthly instalments, and payment must be completed by July 2, 2025 at the latest. “That in furtherance of earlier resolutions by the CBN and the NCC, DMBs must pay eighty-five per cent (85%) of all outstanding invoices issued after the implementation of Application Programming Interfaces (API) (ie February 2022) between the concerned DMB and MNO (
USSD Debt Mobile Network Operators Deposit Money Banks Nigerian Regulators
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