USSD Banking: FG Intervene, Gives Update On Fallout Between MTN And Banks - DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
DAILY GIST
No Result
View All Result

USSD Banking: FG Intervene, Gives Update On Fallout Between MTN And Banks

Adam PR by Adam PR
April 3, 2021
in BUSINESS
0
USSD Banking: FG Intervene, Gives Update On Fallout Between MTN And Banks
20.5k
SHARES
20.5k
VIEWS
Share on WhatsAppShare on TwitterShare on Facebook

The federal government has intervened to resolve the fall out between Mobile Telephone Network (MTN) and some commercial banks in Nigeria.

DAILY GIST gathered that some Nigerian banks disconnected the network service providers from banking channels including the Unstructured Supplementary Service Data (USSD) and banking apps.

Customers were also unable to do banking transactions on MTN lines through USSD.

Consequently, MTN appealed to their customers to recharge their lines using the traditional paper recharge cards, a check by DAILY GIST confirmed.

A message from MTN after DAILY GIST confirmation

Although banks have not given any formal communication prior to the disconnection, a source from MTN however alleged that the telecom reduced banks commission from an average of 3.5 per cent to 2.5 per cent which predicated the actions of the banks.

The source said; ”Please note that MTN didn’t cut off customers and has no hand in this. This is strictly the banks acting on their own.

ALSOREAD

BREAKING: FG Files Criminal Charges Against Natasha

APPLY: FG Launches $100,000 Creative Development Fund For 2025

Tinubu’s Govt Scraps Scholarships For Students Abroad, Gives Reason

FG Announces Payment Of Wage Award To Civil Servants

APPLY: FG Announces 2025/2026 Fully Funded Abroad Scholarship For Nigerians

“We woke up this morning to see that MTN customers were cut off from USSD services overnight. This has come as a surprise as there was no formal communication from the banks to their customers prior to their taking this action.”

The source said, “The banks wrote back to the aggregators to revert back to the old commission, otherwise, they would block MTN airtime in all their channels.

“The channels were blocked midnight leaving our customers stranded. Interesting that the bank Managing Directors met and quickly took a decision. Subscribers to telecommunications are being denied services by the banks even when they have money in their accounts.”

He noted that Zenith bank, which was connected directly to MTN and had their earnings at 2.70 per cent, was the only bank that had not blocked the telco.

However, banks on MOD that had an uplift in their commission from 2.0 per cent to 2.75 per cent have blocked services, according to him. Banks with direct connection to the telco through MOD got a commission uplift.

According to the source, the banks were unwilling to pay the cost of the USSD channel and were okay with cutting off subscribers in order to protect their profits.

He added, “This only has to do with preservation of bank profits, which are already substantial and growing despite the wider economic conditions

“The government needs to step in and deal with this once and for all. Nigerian banks need to stop their tyrannical posture.

Reports also alleged that the development was not unconnected to the N42bn debt owed mobile operators by banks.

However, Dr Pantami in a statement released in the late hours of Friday revealed that the federal government has intervened into the fall out between MTN and the commercial Banks.

He assured Nigerians that the services will be restored soon as both parties have reached an agreement.

He wrote, “On the fallout between @MTNNG and some banks on USSD services today, I engaged with both regulators, the Governor of @cenbank and EVC @NgComCommission.

“We have reached an advance stage of resolving the issues, for the services to be restored to our citizens. Many thanks!”

See the tweet below:

On the fallout between @MTNNG and some banks on USSD services today, I engaged with both regulators, the Governor of @cenbank and EVC @NgComCommission. We have reached an advance stage of resolving the issues, for the services to be restored to our citizens. Many thanks!

— Prof. Isa Ali Ibrahim, CON (@ProfIsaPantami) April 2, 2021

FOLLOW US ON SOCIAL MEDIA

TWITTER — https://x.com/dailygistonline

THREADS —https://www.threads.net/@dailygistonline

FACEBOOK — https://m.facebook.com/oauvoices

INSTAGRAM —https://www.instagram.com/dailygistonline/ 

 

Share This News

FOR ADVERTS, PUBLICATION AND PROMOTIONS, CONTACT DAILY GIST ON WHATSAPP – 09061956151

Tags: BanksFGHEADLINESMTNUSSD
Previous Post

BREAKING: NAF Replies Boko Haram’s Claim On Missing Fighter Jet

Next Post

ABUAD Rewards Outstanding Students With N476.8m

Adam PR

Adam PR

AdamPR is a young Blogger, Publisher, Web Designer. For Adverts and Publications, He can be reached on WhatsApp - 09061956151

Related Posts

Ramadan: Again, Dangote Refinery Crashes Petrol Price
BUSINESS

JUST IN: Dangote Refinery Reduces Petrol Price

May 12, 2025
NNPC Announces Reduction In Petrol Price
BUSINESS

NNPC Reduces Petrol Price

April 20, 2025
BREAKING: Dangote Crashes Petrol Price
BUSINESS

Again, Dangote Refinery Slashes Petrol Price

April 16, 2025
JUST IN: Dangote Stops Petrol Sale In Nigeria.
BUSINESS

JUST IN: Dangote Refinery Slashes Petrol Price

April 10, 2025
FX, EFCC, Bureau De Change, BDCs Agree To Spoil Back Market Rate. Naira Dollar, CBN, Dollars
BUSINESS

Trump’s Trade War With Nigeria Crashes Naira To A 4-Month Low

April 8, 2025
NNPC Announces Reduction In Petrol Price
BUSINESS

NNPC Changes Petrol Price After Removal Of Kyari As CEO

April 3, 2025
Next Post
ABUAD Rewards Outstanding Students With N476.8m

ABUAD Rewards Outstanding Students With N476.8m

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NEWS

  • Nigerian Man Gets Stuck To Married Woman During Intimacy

    VIDEO: Nigerian Man Gets Stuck To Married Woman During Intimacy

    22135 shares
    Share 8854 Tweet 5534
  • VIDEO: Police Officer Chasing Yahoo Boys Kills WAEC Candidate In Ibadan

    21804 shares
    Share 8722 Tweet 5451
  • Horror As Nigerian Woman Completely Chop Off Lover’s Penis During Sex Dispute

    21641 shares
    Share 8656 Tweet 5410
  • Court Sends Nigerian Woman To Prison For Posting Victims’ Porn Videos On Facebook

    21236 shares
    Share 8494 Tweet 5309
  • Nigerian Woman Passes Away During Marathon Sex Romp With Her Lover

    21205 shares
    Share 8482 Tweet 5301
  • VIDEO: Embarrassing Moment Seyi Tinubu Was Blocked From Meeting Pope Leo In Rome

    21048 shares
    Share 8419 Tweet 5262
  • FULL LIST: Universities Offering Admissions Without JAMB In 2025

    21439 shares
    Share 8576 Tweet 5360
  • Court Jails TikToker Who Dared EFCC To Arrest Him For Naira Abuse

    20975 shares
    Share 8390 Tweet 5244
  • JUST IN: President Tinubu Upgrades Ilaro Polytechnic

    20912 shares
    Share 8365 Tweet 5228
  • ‘Wanted Kidnapper’ Caught At Airport While Preparing For 2025 Hajj Pilgrimage

    20841 shares
    Share 8336 Tweet 5210

DAILY GIST reports Latest News in Nigeria and aims to keep Nigerians updated and informed with Reports and Informations in the aspect of Education, Politics, Health, Business, Technology, Jobs, Entertainment. etc

  • Home
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
  • DESIGNED BY ADAMPR
  • Privacy Policy

DAILY GIST © 2020 | All Rights Reserved

No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US

DAILY GIST © 2020 | All Rights Reserved