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CBN intervenes in MTN-Banks saga

Discussion in 'General Topics' started by LagosBwoi, Apr 4, 2021.

  1. LagosBwoi

    LagosBwoi Member

    Mar 16, 2021
    Likes Received:
    Banks blocked users from recharging their MTN lines using their platforms, Internet banking, Mobile app, and the USSD on Thursday, due to MTN reportedly offering to reduce the 4.5% they give banks to 2.5%.

    after disconnecting users from using their platforms to recharge their lines, it seems the two parties have had a consensus agreement, that brought about the restoration of the service for MTN users, as many of their customers cried out.

    It took the intervention of the Central Bank of Nigeria's boss, Dr. Godwin Emefiele and the Minister for Communications and Digital Economy, Dr. Isa Pantami for the restoration of the services to take place.

    MTN, having over 45% of the telecommunications subscribers in Nigeria, is unarguably the largest network provider in Nigeria.

    The blockade left so many subscribers stranded and frustrated in this period of Easter. Most banks except Zenith Bank blocked users from recharging and subscribing for internet data on their platforms, which has been the easiest and fastest means of topping up.

    MTN reverted to 4.5% but also sent a letter to banks for a meeting to be held on Tuesday, to discuss the new percentage. In the letter addressed to the Chairman of Body of Banks’ CEOs, Herbert Wigwe, by MTN CEO, Karl Toriola,

    “In an attempt to resolve the current USSD recharge impasse, given the intervention from our regulators, we hereby agree that the banks revert to the status quo of 4.5% commission.

    “However, the banks and MTN Communications Nigeria Plc shall sit to agree on various options that will result in the reduction in the costs on 6th of April 2021.”

    Subscribers can now recharge their lines using the bank's platform, once again.

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