Financial inclusion hits 70 per cent
He said with the help of the telecoms sector, financial inclusion has reached 70 per cent, stressing that the USSD helped greatly to bridge the gap in the country. Going memory lane, Danbatta said the origin of the problem was borne out of banks’ insistence on end-user billing as opposed to corporate billing led to debt accumulation.
“Then along the way, there was a misunderstanding and the debt kept piling until it reached a humongous amount of over N100 billion. Even at that, the service was still being provided to customers by the banks using the telecom infrastructure and the telcos were being paid nothing. This was despite the intervention of the immediate past Minister,” Danbatta explained.
“At a meeting between the acting CBN governor, the NCC, the telcos and the banks, it was acknowledged that the debt exists, that going forward, the service has to be paid for by the banks through corporate billing. It is an important development for the telecoms industry that we have found an amicable resolution to the problem because we’re all serving the same government. We do not want to disrupt financial services in the country.
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