Banks must settle ₦212.5 billion USSD debt to telcos by year-end

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered banks to pay ₦212.5 billion—85% of a ₦250 billion debt owed to telecom operators for USSD charges—by December 31, 2024. The December 20 memo, obtained by TechCabal, comes after years of delays and disputes over USSD payments, which have led to the growing debt.

Despite regulatory mandates…