USSD Debt Deadline January 27th: Banks Scramble to Settle

As the January 27th deadline looms, the commercial banking sector is under increasing pressure to settle their outstanding debts to telecom operators or face the disconnection of Unstructured Supplementary Service Data (USSD) services. The unresolved debt, which has accumulated over months, reached a staggering N160 billion by the end of last year, prompting severe warnings from telecom operators.

Sources within the telecom industry shared that many banks have now started making partial payments, signaling a dramatic shift from their earlier defiant stance. Some banks, which had previously refused to settle the debts, are now seeking to negotiate, trying to avoid the serious repercussions that disconnection would cause. The realization of the consequences of non-payment has forced these institutions to reconsider their position and take action before the deadline expires.

However, telecom operators are expressing frustration with the role of the telecom regulator in this prolonged issue. They claim that delays in regulatory action have allowed the debt to balloon to such enormous proportions. According to them, a more proactive approach could have prevented the accumulation of the debt, averting the current crisis. Despite the banks now taking steps to resolve the matter, the ongoing struggle between the banking sector and telecom operators highlights the significant impact of regulatory delays on the resolution of industry disputes.

As the deadline draws near, the outcome of this situation will mark a pivotal moment in the relationship between the banking and telecom sectors. The coming days will reveal whether these efforts to settle the debts will be sufficient to avoid disconnections or if further negotiations will be necessary.

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