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MTN AGAIN: How The Company’s Greed Have Led Banks To Cut It Off From USSD Platform. – For Arbitrarily Reducing Commission!

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The issue with MTN Airtime distribution and vending through the Banks is completely different from the Telco USSD services billing.

Telco USSD services billing is an industry-wide issue, both for the Telecoms and Banking industries, and it is about the determination of the best way to bill joint customers of the MNOs and Banks for the USSD service provided by the MNOs when it is used to Access Banking Services.

 

However, for this MTN Airtime sale through the Banks, on March 30 MTN acting unilaterally on its own, without consultation or negotiation with the Banks, who are part of its Airtime distribution chain, reduced the commission paid to the Banks for helping MTN sell its Airtime from 4% to 2.5%. This puts the Banks in a precarious and economic loss position, as the cost of fraud and airtime vending infrastructure maintenance by the banks outweigh the new commission rate imposed by MTN.  One will wonder why it is only MTN doing this and no other companies in the Telco industry.

 

To mitigate this risk of economic loss, all Banks, as an industry, requested MTN to maintain the status quo but all effort by the Banks to hold a discussion with MTN on this issue fell on deaf ears. To protect their businesses from the adverse economic impact, all Banks in the Financial industry decided to suspend the vending and distribution of MTN Airtime through their channels until such a time that a favorable rate is agreed with MTN.

 

Last night, some commercial banks have yanked off MTN From their USSD, airtime purchase, and other online services from the MTN network due to the disagreement between the financial institutions and the telecommunication company on the amount to be charged.

The implication is that you cannot make a purchase from any bank.

It was however reported by a national daily, that the bank Chief Executive Officers had at a recent meeting agreed to shut down the purchase of MTN services across all their channels beginning from 11 pm last night until further notice.

An attempt by SOCIETY REPORTERS to purchase airtime from GTBank last night showed that the commercial bank had removed MTN among the network its customers could purchase airtime from.

However, another Bank was still offering the service as of midnight.

A source close to the banks explained that the disagreement arose after MTN recently reduced the discount offered to banks on airtime sales

A top bank official, who pleaded to remain anonymous, said other banks are expected to comply with the decision of their CEOs from today.

He disclosed that over 60 percent of airtime vending by telcos presently was done electronically through the banks.

The CBN and the NCC, had in a recent communique issued at the end of a meeting to resolve the disagreement on USSD fee between the banks and telcos agree that with effect from March 16, 2021, USSD services for financial transactions conducted at banks and all CBN- licensed institutions would be a flat rate of N6.98k per transaction.

This replaced the previous per session billing structure, ensuring a much cheaper average cost for customers to ensure financial inclusion.

“To promote transparency, the new USSD charges will be collected on behalf of MNOs directly from customers’ bank accounts. “Banks shall not impose additional charges on customers for the use of USSD channel. “A settlement plan for outstanding payments incurred for USSD services previously rendered by the MNOs is being worked out by all parties in a bid to ensure that the matter is fully resolved,” the communiqué explained.

In a bid to respond to the entire story, MTN has sent out messages to its subscribers confirming that its banking services are not available. read the message below.

Dear Customer, our bank recharge channels are currently unavailable. Kindly recharge using physical cards. We apologise for the inconvenience. Thank you.

BY: SUNDAY ADEBAYO.

 

News and Report

The Words Of ANFASSC President, Prince Abayomi Ogunjimi On Sports Minister, Sunday Dare

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The President of Authentic Nigeria Football And Allied Sports Supporters Club, ANFASSC, Prince Abayomi Ogunjimi has hailed Sports minister, Sunday Dare and congratulated him on the success of the 20th National Sports Festival which recently came to a climax in Edo State.

Prince Ogunjimi noted that the minister showed class and quality by ensuring that the multi sports event will go ahead despite the situation of the world at a time that the Covid-19 pandemic is still at its place.

Twice, the Sports festival was postponed, but it was achieved at the end of the day with team Delta defending the crown they won in 2018.

The ANFASSC President said ” I specially congratulate the Minister for this feat, the festival could have been cancelled but he showed that the athletes and officials whose futures are attached to the event are major priority”.

“Unfortunately we at ANFASSC could not be there, but then, the success alone is enough to celebrate the sports custodian and I believe the next edition will be bigger and better”.

Delta State have been given the rights for the 2022 edition where they would want to make it a hat trick of wins

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Shoprite to sell Nigerian business to Persianas

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One of Nigeria’s biggest retail store, Shoprite is planning to sell its Nigerian Business to Persianas Group Nigeria, according to reports. The company in August last year classified its Nigerian business as a discontinued operation; after it was approached by potential investors willing to take over its Nigerian operations.

Reuters quoted a source who said the store was waiting for regulatory approval; to sell the business to a Nigerian real estate investment company, Persianas.

It claimed three bank sources confirmed the sale to Persianas Retail which operates autonomously from Persianas Group.

Shoprite owned by South African billionaire Mr. Christo Wiese as well as over 2,300 stores across Africa had decried that in 2018; revenue from other countries with the exemption of Nigeria only accounted for 11.6 per cent of sales; while South African operations contributed 78 per cent of overall sales.

By the second half of 2020, Shoprite said it lost 8.1 per cent of its sales to the September xenophobic reprisal attacks on South African owned firms in Nigeria in 2019.

Prior to the announcement of its planned divestment, the retail supermarket had operated in the country for 15 years.

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FIRSTBANK HOSTS WEBINAR TO SENSITISE INDIVIDUALS AND BUSINESSES ON STAYING PROTECTED IN THE INFORMATION AGE

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First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has announced a webinar to sensitise individuals and businesses with useful information on being protected in today’s digital age. 

 

The virtual event is scheduled to hold by noon on Friday, 16 April 2021 with “Staying Protected Amidst the Pandemic Chaos” being the topic to be discussed at the event. Registration is ongoing for the event via the link https://firstbanknigeria.zoom.us/webinar/register/WN_PUnqA7enTMG8o0OfOaWxlg 

 

Today’s world, largely referred to as the digital age has been influenced by information technology which has optimised the way we carry out our individual and business activities. 

 

However, the current age has been marred by illicit activities like identity theft, internet fraud amongst many others which poses a risk to the safety of individuals and businesses. Attending the webinar will have participants knowledgeably equipped with vital information that will ensure they make informed decisions, thereby promoting their safety whilst staying protected against possible risks and malicious attacks.

 

Tope Aladenusi, Chief Strategy Officer & Cyber Risk Services Leader, Deloitte West Africa; Confidence Staveley, Cyber Security Evangelist/ Founder, Cybersafe Foundation and Harrison Nnaji, Chief Information Security Officer, FirstBank will lead the discussion at the event.

 

Speaking on the planned Webinar, Dr. Adesola Adeduntan, CEO of FirstBank Group noted that “the world as a global village is associated with not just benefits but also risks of cyberattack and for individuals, businesses and governments to make the best out of the digital and online opportunities, they need to be deliberate in protecting themselves against cybersecurity threats”.

He further noted that, “in today’s digital age, which the pandemic has accelerated the embrace, cyberattacks are occurring at an alarming rate across the world. As such, no individual, business or government entity with digital and online presence is immune to cyberattacks; and the financial, physical and legal implications of an attack can be significantly upsetting.’’

In concluding, he enjoined everyone to participate in the forthcoming webinar as it is a viable opportunity to stay informed whilst being abreast with current trends that are pivotal to promoting safety in today’s world that is driven by information technology”.

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