The Central Bank of Nigeria and the Nigerian Communications Commission have issued a final directive to Deposit Money Banks and Mobile Network Operators to resolve the protracted N250bn Unstructured Supplementary Service Data debt dispute.
CBN and NCC are both regulatory agencies of the Federal Government. The directive, contained in a joint circular dated December 20, 2024, was signed by the acting Director of Payments System Management at the CBN, Oladimeji Taiwo, and the Head of Legal and Regulatory Services at the NCC, Chizua Whyte.
The document, exclusively obtained by our correspondent, outlined a structured payment plan for clearing the debt and introduced new operational guidelines for USSD services.
Under the terms of the directive, 60 per cent of all debts incurred before the implementation of Application Programming Interfaces in February 2022 must be paid as full and final settlement.
Payment agreements—whether as lump sums or instalments—must be finalised by January 2, 2025, with full settlement due by July 2, 2025.
For debts arising after February 2022, the CBN and NCC mandated that banks pay 85 per cent of all outstanding invoices by December 31, 2024, and ensure that 85 per cent of future invoices are settled within one month of issuance.
