Customers of telecommunication company MTN were on Sunday reconnected to the banking channel for Unstructured Supplementary Service Data (USSD) and other transactions, barely 48 hours after they were disconnected as a result of disagreement between the banks and MTN over commission for transactions through the (USSD) and other banking apps.
This, according to source, was as a result of intervention of the Minister of Communications and Digital Economy, Isa Pantami; and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The blockade occurred when MTN reduced the banks’ commission from an average of 3.5 per cent to 2.5 per cent. The banks had written the telecommunications company to revert to the old commission, otherwise, they would block MTN airtime in all their channels.
The banks, with the exception of Zenith Bank which was connected directly to MTN, subsequently blocked MTN from their banking channels, leaving millions of customers stranded as they were unable to recharge virtually.
MTN had snubbed the banks and opted for fintech companies such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay for customers to recharge their phones.