The Central Vault of Nigeria and the Nigerian Communications Fee have issued a last directive to Reserve Cash Banks and Cell Community Operators to unravel the protracted N250bn Unstructured Spare Carrier Information debt dispute.
CBN and NCC are each regulatory businesses of the Federal Govt.
The directive, contained in a joint round dated December 20, 2024, was once signed via the performing Director of Bills Gadget Control on the CBN, Oladimeji Taiwo, and the Head of Criminal and Regulatory Products and services on the NCC, Chizua Whyte.
The report, solely got via our correspondent, defined a structured cost plan for clearing the debt and offered unused operational pointers for USSD services and products.
Underneath the phrases of the directive, 60 consistent with cent of all money owed incurred ahead of the implementation of Software Programming Interfaces in February 2022 should be paid as complete and ultimate agreement.
Fee assurances—whether or not as aggregate sums or instalments—should be finalised via January 2, 2025, with complete agreement due via July 2, 2025.
For money owed bobbing up next February 2022, the CBN and NCC mandated that banks pay 85 consistent with cent of all remarkable invoices via December 31, 2024, and assure that 85 consistent with cent of life invoices are settled inside one hour of issuance.
The regulators additionally directed each events to discontinue all ongoing litigation matching to the USSD debt factor, ultimatum that non-compliance would draw in stiff sanctions.
“In view of the foregoing, the CBN and NCC hereby direct that all DMBs and MNOs adhere strictly to the outlined payment terms to ensure final resolution of this matter. Failure to comply will result in sanctions,” the round said.
The go comes amid mounting force from telecom operators, who had previous known as for a sunny cost framework to deal with the debt, which has strained relationships between the banking and telecom sectors.
Moreover, the regulators emphasised the transition to end-user billing for USSD services and products, noting that it could simplest observe to banks and telcos that meet the defined cost tasks.
Pending this transition, operators are required to put in force a “10-seconds rule,” making sure classes shorter than 10 seconds don’t seem to be billed.
The round additional highlighted the chance for banks recently the use of pay as you go billing programs emigrate to EUB, matter to regulatory benevolence.
The CBN and NCC reiterated their loyalty to resolving the debt deadlock, pointing out that the measures are geared toward fostering balance in each the monetary and telecommunications sectors moment making sure the ongoing availability of USSD services and products for Nigerians.
In Nigeria, USSD is important for monetary inclusion, specifically in rural boxes the place smartphone penetration and web get right of entry to are restricted.
Banks closely depend on it, particularly for cell banking services and products, and it’s also worn for services and products like airtime top-ups, invoice bills, and alternative telecom services and products.
The debt disaster has persevered for years, with telecom operators threatening to droop USSD services and products except bills are made.
Day smaller banks have reportedly begun repaying their tasks in installments, tier-one lenders—answerable for the majority of the debt—are but to assemble important bills, consistent with the Chairman of the Affiliation of Authorized Telecom Operators of Nigeria, Gbenga Adebayo.
“Some repayments have been recorded, but they fall short of expectations,” Adebayo advised The PUNCH in November.