The extended dispute over Unstructured Supplementary Service Data (USSD) debt between Deposit Money Banks (DMBs) and telecommunications companies seems to have reached a resolution.
This was affirmed by Karl Toriola, the Chief Executive Officer of MTN Nigeria, on Thursday, March 1, during an appearance on Arise TV to discuss the company’s first-quarter 2025 results, where the telecommunications firm reported revenue earnings exceeding N1 trillion.
It should be noted that the USSD debt issue had been a significant point of contention between the DMBs and telecom operators, persisting for approximately five years.
In the third quarter of 2024, telecom companies had threatened to suspend their services due to the ongoing debt, which amounted to approximately N200 billion at the time. This prompted quick action from the Central Bank of Nigeria and the Nigerian Communications Commission (NCC), leading to an agreement on payment terms.
By November 2024, the NCC estimated the debt at N160 billion. Earlier this year, when it seemed the banks were not adhering to payment commitments, the NCC instructed telecom operators to halt USSD services for debt-owing DMBs, with around 18 banks identified.
This instruction spurred the banks to reassess their approach and begin adhering to a prior circular issued by the CBN and NCC, which outlined the payment structure for the debt.
During his appearance on Arise TV this morning, May 1, Toriola confirmed that the issue has been completely settled and that the banks have fulfilled their payment obligations.
“I can confirm that the matter has been fully resolved. We have received payments in full. Special thanks to the CBN, NCC, the banks, and other stakeholders that intervened in the matter,” the MTN CEO stated.
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli