The Federal Government of Nigeria is set to release a list of 18 banks that owe telecommunications companies almost N200 billion in unpaid fees for Unstructured Supplementary Service Data (USSD) services. This debt has been pending for several years, and the government’s decision to make the list public is aimed at pressuring the banks to settle their debts.
The debt dispute between banks and telecom operators has been ongoing, with telecom companies threatening to suspend USSD services unless payments are made. To address this issue, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have directed banks to pay 60% of outstanding debts incurred before February 2022 as a full and final settlement.
Additionally, the CBN and NCC have outlined a payment plan for banks to settle their debts, which includes:
- Payment Terms: Banks must pay 60% of outstanding pre-API invoices as a full and final settlement.
- Payment Deadline: Payment agreements must be finalized by January 2, 2025, with full settlement due by July 2, 2025.
- Future Invoices: Banks must settle 85% of future invoices within one month of issuance.
The government’s decision to release the list of debtor banks is a significant step towards resolving the debt dispute and ensuring that telecom operators receive the payments they are owed.
Source: Vanguard
