While there are ongoing conversations between the telecommunications operators and the banks at the regulatory level to find an amicable solution to the protracted crisis affecting the Unstructured Supplementary Service Data platform, the service providers said that the debts owed them by defaulting banks have hit N120 billion.
“If this CBN/NCC intervention fails, we will withdraw USSD service from debtor banks at some points. The outstanding now is in the region of N120 billion and no sector can survive the magnitude of rising debt. Before the N6.98k per transaction regime, a typical USSD session, which lasted for 20 seconds had a price cap set at ₦4.98 for each session. A statement jointly signed by both NCC and CBN, when the crisis was at a tipping point on the N6.98k, read: “This replaces the current per session billing structure, ensuring a much cheaper average cost for customers to enhance financial inclusion.
This challenge has forced many customers to throng the banking halls almost daily to make complaints. A customer with Zenith Bank, Kehinde Alesh, disclosed that last week, the bank’s app was unresponsive. “For almost two days, we could not do anything via the banking app. We even learnt the app crashed. So, many transactions hanging! The Central Bank of Nigeria needs to do something about this issue,” he stated.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GuardianNigeria - 🏆 1. / 94 Read more »