The controversy between the country’s telecommunications operators and deposit money banks, dmbs over earnings on the unstructured services data, ussd, was attributed to a simple confusion on what constitutes a successful transaction from a bank and telco standpoint, according to the central bank of Nigeria, CBN.
CBN admitted to being aware of the long-running controversy and has been working with all parties to ensure an amicable settlement.
Dr. Isa Abdulmumin, the acting director of corporate communications, at CBN, said: “In fact, it was due to the CBN’s direct intervention, particularly the cbn governor, in March 2021, that the banks and telcos reached an average price of n6.98, including to settle any outstanding fees.
However, the telcos claim that the banks are playing the ostrich, relying on a technical error to abdicate their positions and violate a business deal.