Abuja, Dec. 23, 2024 – The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have directed banks and mobile network operators to resolve their lingering N250 billion USSD debt dispute immediately.
The CBN and NCC gave the directive in a circular titled “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.”
The circular, issued on Dec. 20, 2024, was signed by Oladimeji Taiwo, the Ag Director of the CBN Payments System Management Department, and Chizua Whyte, the NCC Head of Legal and Regulatory Services.
Some of the terms for the resolution of the dispute as directed by the two regulators are that 60 per cent of all pre-API invoices must be paid as full and final settlement.
That the payment plans (lump sum or installments) must be agreed upon between a concerned bank and mobile operator by January 2, 2025.
That installments must be based on equal monthly payments with full payment due by July 2, 2025.
The banks must pay 85 per cent of all outstanding invoices issued after the implementation of APIs (i.e., February 2022) by December 31, 2024.
The similarly, 85 per cent of future invoices must be liquidated within one month of service.
“That the transition to end-user billing will be activated only for DMBs and MNOs that comply with the payment terms.
That the two parties will provide further guidance on public enlightenment initiatives related to the transition.
That pending the conclusion of this transition, mobile operators are instructed to implement the “10-seconds rule” for USSD invoicing, meaning that any session lasting less than ten seconds will not be billable.
That the circular allows DMBs with prepaid billing options the opportunity to migrate to EUB, subject to the completion of the required regulatory processes
That failure to comply with the terms outlined in this directive will attract necessary sanctions. (GBN)
