Nigeria News: Telecommunication companies, guided by the Nigerian Communications Commission (NCC), plan to suspend USSD access for 18 banks in response to an unresolved N200 billion debt since 2019. The Central Bank of Nigeria (CBN) issued an ultimatum for banks to settle these debts, but compliance has been lacking, with only four banks adhering to the directive.
Abuja News: As the NCC anticipates releasing a public notice, affected bank customers must seek alternative payment methods during the suspension. USSD’s significance is underscored by its role in facilitating transactions, which totalled N2.19 trillion between January and June 2024—a notable decline from N4.84 trillion in the same timeframe of 2023 due to a shift towards internet transfers.
Key Takeaways:
- USSD services face a temporary suspension for non-compliant banks, impacting many Nigerians.
- The total value of USSD transactions has considerably declined as users favour online methods.
- Telecom companies enforce tougher measures following the CBN’s directives unmet by banks.
For more details, refer to the original source: Original Source.
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