Nigerian banks averted a USSD shutdown by partially paying debts to telecoms, but risks remain.

Nigerian banks faced a potential shutdown of USSD services, a vital tool for banking in rural areas, due to N160 billion in unpaid debts to telecom companies. This issue threatened to disrupt financial transactions and harm economic growth. However, with a deadline of January 27, some banks have settled their debts, avoiding disconnection. The controversy stems from banks' failure to pay the required fees for each USSD transaction, an issue since 2019. Despite some resolution, the ongoing debt crisis continues to pose risks to Nigeria's financial ecosystem.

2 months ago
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