In a major financial standoff, the Nigerian government is reportedly set to take action against 18 major banks accused of owing telecommunications companies over N250 billion in Unstructured Supplementary Service Data (USSD) charges. This debt, which has been accumulating since 2020, could soon impact millions of Nigerians who rely on USSD technology for banking services, particularly those without access to smartphones or reliable internet.
USSD allows users to perform simple banking functions like transferring money, checking balances, or purchasing airtime via basic mobile phones. However, the telecom companies responsible for maintaining the infrastructure for these services, under the Association of Licensed Telecommunications Operators of Nigeria (ALTON), have accused the banks of failing to settle their growing debt. Initially under N40 billion in 2020, the debt has now ballooned to over N250 billion by 2023, with the telecoms alleging that the banks have not kept their payment agreements.
The Nigerian Communications Commission (NCC) has reportedly been authorized to release the names of these delinquent banks. If the banks fail to settle their debt within two weeks, the telecoms have warned they will begin shutting down USSD services for the affected institutions. This would severely disrupt banking for millions of Nigerians, particularly in rural areas where smartphone and internet access is limited.
Efforts to resolve the dispute have been ongoing, with the Central Bank of Nigeria (CBN), the NCC, and the National Assembly all attempting to mediate and encourage the banks to settle the debt. However, despite some banks agreeing to pay, the majority have not followed through, leaving the telecom companies with no choice but to take a harder stance. Gbenga Adebayo, Chairman of ALTON, recently warned that without payment, telecoms would have no option but to withdraw their support for the USSD technology.
The situation has created a tense standoff, with the government preparing to publish the list of the 18 banks at risk of losing USSD access. The deadline is fast approaching, and if the issue remains unresolved, Nigerians could soon face a major disruption in their daily banking activities.
As the countdown ticks down, all eyes are on the banks and telecom giants to see who will blink first in this high-stakes battle over access, technology, and trust. Will the banks settle the debt in time, or will Nigeria experience a full-blown USSD blackout? Only time will tell.
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