USSD code services has been one of the convenient means of banking for many customers , but at the backend leaves a slip of huge debt to the bank organisation.
As of November 2024, the network providers raised an alarm over the debt acquired by the bank on their USSD services ranging to 250 billion naira since 2021.
Over to the regulatory agencies of Nigeria ,the central an of Nigeria ordered for banks to clear their debt , CBN ,offering them a discount to 85% off the debt to be paid before december 31 2024.
Still on the echo, Most banks has resisted to comply to the directive , stating that the charges are unfair and USSD code services are off trend.
“If you want to charge ₦20 for the service, go ahead. But collect it yourself. Don’t come to us.” said by Ceo of GTCO
In amendment to the initial directive , Banks were order to settle 60% of the debt by january 2, 2025 ,to avoid service disconnection and additional fees and sanctions .