NCC, CBN Direct Banks, Telecom Operators to Settle N250bn USSD Debt Dispute

• NCC and CBN direct banks and telecoms to resolve N250bn USSD debt.
• 60% of pre-API invoices due by January 2025, full payment by July 2025.
• 85% of post-API debts to be paid by December 31, 2024.

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have directed Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) to resolve the ongoing N250bn USSD debt dispute.

The directive, issued on December 20, 2024, under the “2nd Joint Circular of the Central Bank of Nigeria and the Nigerian Communications Commission on the Resolution of the USSD Debt Issue Between DMBs and MNOs,” aims to address the mounting concern over the long-standing conflict regarding the use of MNOs’ USSD platforms for banking services.

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The circular, signed by NCC’s Chizua Whyte and CBN’s Oladimeji Taiwo, outlines specific measures to settle the debt, including the requirement for 60% of all pre-API invoices to be paid as full and final settlement.

DMBs and MNOs must agree on payment plans—either a lump sum or installments—by January 2, 2025. Installments, if chosen, must be completed by July 2, 2025.

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For post-API debts (invoices issued after February 2022), DMBs are instructed to pay 85% of all outstanding invoices by December 31, 2024, and clear 85% of future invoices within one month of issuance.

The circular also directs the immediate discontinuation of all litigation regarding the USSD debt issue, with failure to comply resulting in sanctions.

Furthermore, the transition to end-user billing will be activated only for DMBs and MNOs that meet the payment terms, with further public enlightenment initiatives to follow.

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