The NCC and CBN have issued orders to telcos and banks to settle a USSD debt of N250 billion

Mobile network operators and deposit money banks have been asked by the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) to resolve the long-standing N250 billion USSD debt issue.

On Monday, officials referenced the “2nd Joint Circular of the Central Bank of Nigeria and the Nigerian Communications Commission on the Resolution of the USSD Debt Issue Between Deposit Money Banks and Mobile Network Operators” as a mandate.

This order was similar to the one I dictated not long ago, in which telecommunications companies demanded a structured payment plan from government agencies in order to deal with the growing debt crisis that has gripped the industry.

It was the Great Depression, and I’m still here, despite losing my hands, my lover, and my father’s landed assets.timing: 0:00

The NCC’s Head of Legal and Regulatory Services, Chizua Whyte, and the CBN’s Ag Director of the Payments System Management Department, Oladimeji Taiwo, signed a circular dated December 20, 2024, outlining particular steps for debt settlement.

The long-running disagreement between DMBs and MNOs over the usage of MNOs’ USSD platforms for banking services was a major point of contention in the joint statement. The matter is still not resolved, even though many attempts have been made.

Full and complete settlement of 60% of all invoices issued before to API was ordered by the two regulators in reaction to this.

A lump sum or installment payment plan must be agreed upon before January 2, 2025, between DMBs and MNOs. Please note that the deadline for the completion of any installment payments selected is July 2, 2025.

At the same time, the CBN and NCC have ordered DMBs to pay 85% of all outstanding invoices by December 31, 2024, for post-API debts.

These debts originate from transactions that occurred after the Application Programming Interfaces were introduced in February 2022. In addition, it is required that 85% of all future invoices be paid within one month of being issued.

Along with the immediate cessation of any litigation pertaining to the USSD debt issue, the CBN and NCC warned that the appropriate regulatory agencies will punish those who did not comply with their directions.

“With that out of the way, the following instructions are issued by the CBN and the NCC to DMBs and MNOs: 1. The whole and final settlement amount must be sixty percent of all invoices issued before the API.

By January 2, 2025, the involved DMB and MNO must have agreed upon a payment plan, whether it be a lump sum or payments. The total amount is due by July 2, 2025, and payments should be made in equal installments every month.