Mobile network operators (MNOs), including MTN, may suspend Unstructured Supplementary Service Data (USSD) services for banking transactions if the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) fail to address a growing debt of around N250 billion. This debt is linked to banks' use of the USSD platform, used for financial transactions like money transfers and balance inquiries.
MTN CEO, Karl Toriola, while speaking to Media Innovation Programme (MIP) Fellows during a facility inspection in Lagos, warned that the operators might be forced to stop supporting the service unless the issue is resolved by the new CBN governor, Yemi Cardoso, and the NCC's Executive Vice Chairman, Dr. Aminu Maida.
Toriola highlighted the industry's struggles due to economic challenges like inflation, naira devaluation, and rising energy costs, calling for urgent tariff adjustments to sustain operations.
Toriola also pointed out that the telecommunications sector is struggling, with MTN no longer making profits and relying on savings to stay afloat. He further cautioned that without immediate changes, the sector could collapse, similar to NITEL's downfall.
