Banks settle USSD debt: The long-standing dispute over Unstructured Supplementary Service Data (USSD) debt between Deposit Money Banks (DMBs) and telecommunications operators appears to have been resolved.
This was disclosed by Karl Toriola, Chief Executive Officer of MTN Nigeria, during an appearance on Arise TV on Thursday, March 1. He was speaking in relation to the company’s first-quarter 2025 financial results, which showed over ₦1 trillion in revenue.
The USSD debt issue had persisted for nearly five years and was a major point of contention between the DMBs and telcos.
In the third quarter of 2024, telecom operators threatened to cut off USSD services due to the mounting debt, which had reached around ₦200 billion. This prompted quick intervention by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), resulting in a payment agreement.
By November 2024, the NCC reported that the outstanding debt stood at ₦160 billion. However, when the banks delayed payments early this year, the NCC instructed telecom operators to discontinue USSD services to defaulting banks—about 18 in total.
Still on Banks settle USSD debt
Following this directive, the banks began taking steps to adhere to a previously issued circular from the CBN and NCC, which outlined the debt repayment structure.
On Arise TV this morning, May 1, Toriola confirmed that the issue has now been completely resolved 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 said.
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