The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have mandated Deposit Money Banks (DMBs) and Mobile Network Operators (MNOs) to resolve the long-standing ₦250 billion Unstructured Supplementary Service Data (USSD) debt dispute.
In a joint circular dated December 20, 2024, both regulatory bodies outlined repayment plans and operational guidelines aimed at resolving the issue.
The circular, signed by Oladimeji Taiwo, Acting Director of Payments System Management at the CBN, and Chizua Whyte, Head of Legal and Regulatory Services at the NCC, directed banks to settle 60% of pre-February 2022 debts by July 2025 as full and final payment, while 85% of post-February 2022 debts must be cleared by December 31, 2024.
“In light of the above, the CBN and NCC direct all DMBs and MNOs to comply strictly with the payment terms to achieve a final resolution of this matter. Failure to comply will result in sanctions,” the circular stated.
Furthermore, the directive mandates a shift to end-user billing (EUB) for USSD services to promote transparency and sustainability.
Meanwhile, telecom operators had earlier raised concerns about delayed payments, threatening service disruptions.
Gbenga Adebayo, Chairman of the Association of Licensed Telecom Operators of Nigeria, noted, “Some repayments have been recorded, but they are far below expectations.”
The regulators emphasized that compliance with the directive is critical to ensuring uninterrupted USSD services, which play a vital role in Nigeria’s financial inclusion strategy.