Nigerians are losing billions of naira due to failed USSD banking transactions, with telecom operators and banks trading blame as consumers seek accountability.
Central Bank of Nigeria (CBN) data shows that about 515 million USSD transactions were processed last year. Experts say the sheer volume magnifies the cost of failed transactions, especially when deductions are made even when transactions don’t go through.
According to Engr. Gbenga Adebayo, Chairman of the Association of Licensed Telecommunications Operators (ALTON), telcos deliver their part of the service; failures often stem from banking system or server issues. Meanwhile, the National Association of Telecommunications Consumers of Nigeria (NATCOMS) is calling for customers to hold banks accountable and for regulators to intervene to protect financially vulnerable people.
New billing rules known as End User Billing (EUB) are being enforced by the CBN and the Nigerian Communications Commission (NCC). Under these rules, customers should pay via airtime rather than bank debit, and should only be charged once per USSD transaction.
