Home Banks reconnect MTN subscribers to USSD services
Array

Banks reconnect MTN subscribers to USSD services

COMMERCIAL banks, on Sunday, reconnected MTN subscribers to their unstructured supplementary service data (USSD) payment channels after the telecommunications giant backtracked on its earlier position.

MTN had turned to fintech firms such as Flutterwave and Opay after banks disconnected its 77 million customers from USSD channels due to disagreements over commissions. But the telecoms giant has shifted its position.

A report quoting  Managing Director and Chief Executive Officer of MTN Nigeria Karl Toriola said the telecoms giant would revert to the initial commission (of 4.5 per cent) charged by banks on airtime sales pending the outcome of a meeting where reduction of the charge would be discussed on Tuesday.

According to the report, the letter dated April 3, 2021, was signed by  Toriola, and it was addressed to the Chairman of Body of Banks’ CEOs, Herbert Wigwe.

Read more: CBN, NCC Halt USSD Charges By Banks

“Our virtual meeting between yourself (Wigwe) and Segun Agbaje (MD of GTBank) on the one hand and myself (Toriola) and Modupe Kadri (chief financial officer of MTN Nigeria) on the other refers,” the letter read.

The mobile network operator had reduced banks’ commission from an average of 3.5 per cent to 2.5 per cent, leading to a dispute between MTN and commercial banks.

“In an attempt to resolve the current USSD recharge impasse, given the interventions from our regulators, we hereby agree. The banks revert to the status quo of 4.5 per cent commission.

“However, the banks and MTN Communications Nigeria Plc shall sit to agree on various options that will result in the reduction in the costs on 6th of April 2021,” the letter stated.

16 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

INEC staff caught on tape collecting N1000 to give out PVCs [WATCH]

A video has emerged showing a staff of the Independent National Electoral Commission (INEC) at Emene Primary school in Enugu State collecting N1,000 each...

Tribunal: Osun APC, PDP clash over protests

The Osun State chapter of the All Progressives Congress has alleged that protests by some people in the state over the judgement of the...

Yahaya Bello Allegedly Withdraw Support for Tinubu 

According to the report, Kogi's new stance is informed by permutations in the north-central state ahead of its November governorship election. As a result of...

2023: Atiku, Tinubu in fresh battle over health issues, alleged corruption

Barely 38 days to the presidential election scheduled for February 25, both camps of the All Progressives Congress, APC, and the Peoples Democratic Party,...

Govs To Meet Emefiele Over New Naira Notes

Aminu Tambuwal, chairman of the Nigeria Governors' Forum, has invited Godwin Emiefele, governor of the Central Bank of Nigeria, to a virtual meeting on...