Nigerians are losing billions to failed USSD banking transactions as telcos and banks trade blame despite regulatory safeguards.
Billions of naira are at risk as Nigerians continue to be charged for failed Unstructured Supplementary Service Data (USSD) banking transactions following the June 18 adoption of the End User Billing (EUB) model. The Nigerian Communications Commission (NCC), in collaboration with the Central Bank of Nigeria (CBN), directed that telecom operators deduct fees directly from customers’ airtime instead of banks charging accounts.
Customers nationwide report deductions without service delivery. Mutmainnah Ajisafe, a Lagos teacher, lost N20.94 after three failed transfers. Commercial motorcyclist Ajose Emmanuel said he was charged twice while trying to send emergency funds to his sick mother.
Telcos and banks blame each other. “Operators deliver you to the infrastructure of the bank, we have no control over what happens there,” said ALTON chairman Gbenga Adebayo. Consumer advocates, including NATCOMS president Deolu Ogunbanjo, urge affected customers to sue banks, insisting “CBN and NCC should ensure complaints…are resolved in the interest of the customers.”
CBN data shows Nigerians processed 515 million USSD transactions last year, highlighting the scale of the issue.