TELCOS RECOVER N170BN FROM BANKS

The long-term dispute between telecommunications operators and commercial banks over unpaid Unstructured Supplementary Service Data fees appears to be drawing to a close, as telecom companies confirm the recovery of 95 per cent of the N180 billion owed.
Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, announced the progress on Thursday, stating that only three banks remain indebted, all of which have now committed to structured repayment plans.
This development signals a vital step towards resolving a five-year standoff that had threatened mobile banking services, a crucial channel for millions of Nigerians, particularly in rural areas with limited internet access.
The debt, which stood at about N180bn as of January this year, has now been cleared up to 95 per cent, with only three banks left to pay,” said Adebayo during a virtual media briefing. The telecom executive did not disclose the names of the defaulting banks