NCC: How banks' N120bn USSD service debt threatens financial inclusion drive

📆 9/8/2023 2:27 PM
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Umar Danbatta, the executive vice-chairman of the Nigerian Communications Commission (NCC), says the N120 billion unstructured supplementary service data (USSD) debt owed to telecommunication firms by banks, significantly affects financial inclusion.

Danbatta spoke on Thursday, at the sector’s executives and regulators forum held in Lagos, by the Association of Telecommunications Companies of Nigeria.

“The merit of the service is that without it, there will be no digital financial inclusion and the penetration would be nowhere where it is now,” Danbatta said.“The digital financial inclusion index or penetration is currently about 70 percent because it is telco-driven. And as such, there shouldn’t be any problem paying for the service.

Danbatta said banks had finally agreed to pay for the service, following sustained intervention from the NCC and Folashodun Shonubi, the acting Central Bank of Nigeria governor.“I think this is an important development for the telecoms industry, that we have found an amicable resolution of the problem because we’re all serving the same government,” he added.

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N120bn USSD debt slowing financial inclusion, says NCCHe noted that without the service, digital financial inclusion, which he pegged at 60 to 70 per cent, in the country would not be where it was currently.
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