Commercial banks on Sunday have unblocked and reconnected MTN customers to banking channels just after 48hours of disconnection.
It was gathered that the development followed the intervention of the Minister of Communications and Digital Economy, Isa Pantami; and the Governor of the Central Bank of Nigeria, Godwin Emefiele.
Pantami in a statement had promised to resolve the USSD crisis between the Telecom, MTN and the commercial Banks affected
DAILY GIST on Friday reported that Commercial banks blocked MTN users from USSD services leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via the USSD.
MTN, with about 77 million subscribers, making up about 45 per cent of the total telecommunication market share in Nigeria, is arguably the largest telecommunication operator in the country.
The blockade occurred when the telco reduced the banks’ commission from 4.5 per cent to 2.5 per cent. The banks had written MTN to revert to the old commission, otherwise, they would block MTN airtime in all their channels.
The banks, except Zenith Bank which was connected directly to MTN, subsequently blocked MTN from their banking channels, leaving millions of customers stranded as they were unable to recharge virtually.
MTN had explored alternative electronic payment platforms such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay for customer to recharge their phones.
But in a statement signed by MTN Chief Executive Officer, Karl Toriola and made available to Newsmen noted that the banks revert to the status quo 4.5% commission while a meeting for the reduction of the charges will hold on April, 6 Tuesday.
Toriola in the statement released said, “In an attempt to resolve the current USSD recharge impasse, given the intervention from our regulators, we hereby agree that the banks revert to the status quo of 4.5% 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.”