Telecommunication firms will be disconnecting USSD-related service transactions to financial institutions on Monday over huge debts by Banks. In a statement on Friday, the body under the aegis of the Association of Licensed Telecommunication Operators of Nigeria (ALTON) announced that the service withdrawal will be done in phases, beginning with the most significant debtors within the FSPs.
Withdrawal of this service which has helped millions of businesses and homes daily to navigate the Pandemic, will distrupt the business eco-system.
“Unfortunately, due to huge indebtedness and the possibility to agree on a structure for these payments without asking end-users to pay, the government has been forced to intervene,” the statement said after the body had an understanding with the Minister of Communications and Digital Economy and the Nigerian Communications Commission (NCC).
And it will also “ ensure that a sustainable cost-sharing solution is agreed on, so that consumers do not get affected in the long-term.’’
While the association agrees that their action was regretable, it urges customers to explore alternative channels of transaction with their banks.