By Abdulfatah Babatunde
Two regulatory agencies have ordered Deposit Money Banks and Mobile Network Operators to settle the long-standing N250 billion USSD debt dispute before Jan. 2, 2025.
TheNewsZenith reports that the agencies are the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC).
The CBN and NCC also directed banks to pay the pre-application Programming Interfaces (API) debt before July 2, 2025.
They also ordered that post-API debts be settled before Dec. 31.
TheNewsZenith reports that they issued the directive in a joint circular titled, “2nd Joint Circular of the Central Bank of Nigeria and the Nigerian Communications Commission on the Resolution of the USSD Debt Issue Between Deposit Money Banks and Mobile Network Operators”
Oladimeji Taiwo, acting Director of the Payments System Management Department of CBN and Chizua Whyte, head of Legal and Regulatory Services of NCC signed the circular dated Dec. 20.
“Because of the foregoing, the CBN and the NCC hereby direct DMBs and MNOs that 60 per cent of all pre-API invoices must be paid as full and final settlement.
“Payment plans (lump sum or instalments) must be agreed upon between a concerned DMB and MNO by Jan. 2, 2025.
“Installments must be based on equal monthly payments, with full payment due by July 2, 2025.
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“DMBs must pay 85 per cent of all outstanding invoices issued after the implementation of APIs (i.e., Feb. 2022) by Dec. 31.
“Similarly, 85 per cent of future invoices must be liquidated within one month of service,” TheNewszenith quotes the Regulators as stating.
According to the regulators, the transition to end-user billing will be activated only for DMBs and MNOs.
The activation is for only those that comply with the payment conditions contained in the circular.
CBN and the NCC said they would provide further guidance on public enlightenment initiatives related to the transition.
They also directed MNOs to implement the “10-second rule” for USSD invoicing.
This implies that any session lasting less than ten seconds will not be billable.
“Failure to comply with the terms outlined in this directive will attract necessary sanctions, ensuring that both DMBs and MNOs uphold their obligations,” the regulators added.
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