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Banks Reportedly Begin Repayment of N200Bn USSD Debt to Telcos

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Deposit money banks have reportedly initiated the process of repaying a $132 million (N200 billion) debt owed to telecom operators for the use of unstructured supplementary service data (USSD) for banking services.

Banks Reportedly Begin Repayment of N200Bn USSD Debt to Telcos

 

The outstanding amount has been a point of contention between the financial and telecommunications sectors for the past six years .

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) intervened in late 2023 to facilitate a resolution.

Sun Newspaper said that a repayment plan was established during a meeting, and banks have begun settling their debts.

Olayemi Cardoso, governor, Central Bank of Nigeria is credited with playing a key role in pressuring the banks to commence repayment.

However, Gbenga Adebayo, president of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), expressed concerns about the slow pace of repayment.

Gbenga Adebayo, president, ALTON

He highlighted that the debt, which includes both principal and interest, is not decreasing and may even rise if delays persist.

Adebayo urged the banking sector to expedite the repayment process.

The root of the conflict lies in the initial absence of a clear agreement on USSD fee-sharing between banks and telecom operators.

A bank CEO, who requested anonymity, revealed that banks were unaware of the telecom companies’ claim to USSD fees until threats to discontinue the service surfaced.

While telecom companies argued that USSD was a vital service for banks and they should be responsible for collecting and remitting fees, banks saw little financial incentive.

Lower transaction values compared to other channels and the lack of profit from USSD transactions made them prioritize alternative methods.

Now, as the banking sector grapples with security concerns and combats fraud, USSD has become less of a focus.

This shift could potentially slow down further debt repayment.

An anonymous banking expert suggested that telecom companies consider writing off the debt, reflecting a broader industry sentiment of resignation towards the ongoing stalemate.

 


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Telecom

Galaxy Backbone Bags Multiple ISO Certifications, Commits to Empowering Businesses to Thrive in the Digital Era

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Nigeria’s digital infrastructure solutions and services organization, Galaxy Backbone (GBB) has recently attained the global MSECB certifications in Management systems; the ISO 9001: 2015 standard – Quality Management Systems (QMS) and the ISO 22301:2019 standard – Business Continuity Management Systems (BCMS).

These certifications re-affirm the organization’s commitment to delivering exceptional and excellent services that enhance the sustainability and reliability of solutions provided to organizations by GBB.

In an era marked by rapid technological advancements, organizations need trusted partners driven by its commitment to provide world class services, like GBB to navigate the complexities of modern times.

With these latest certifications, GBB has further positioned itself as a reputable organization, that public and private sector organizations can rely on in their digital transformation and business sustainability journey.

According to, Professor Ibrahim A. Adeyanju, GBB’s Managing Director/CEO ‘these certifications re-affirm the commitment we have consistently made to our customers.

In his words; ‘we are excited about these certifications, we have earned, coming at a time when customers, stakeholders and the government are searching for organizations like ours to rebuild the confidence in the system. I am proud of everyone at GBB who worked hard to ensure we attained this height and who continuously work tirelessly to provide excellent services daily’.

The ISO 9001:2015 certification, highlights Galaxy Backbone’s dedication to providing high-quality services that consistently meet and exceed customer expectations. It also underscores the organization’s commitment to continuous improvement and customer satisfaction across all aspects of its operations.

On the other hand, the ISO 22301:2019 certification showcases GBB as that organisation committed to institutionalizing business continuity management system processes to enhance business sustainability and resilience.

This certification demonstrates GBB’s commitment to maintaining uninterrupted business operations, even during unexpected disruptions like natural disasters, cyber-attacks, or other emergencies.

Galaxy Backbone is the digital Infrastructure platform at the forefront of providing cutting-edge Cloud, Colocation, Connectivity and Cybersecurity solutions and services to organisations. The company is dedicated to fostering reliable partnerships with key stakeholders and service providers in expanding fibre connectivity across cities and local communities.


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Twisco Awards N1m to Winners of Spelling Geniuses Competition

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Twisco, known for “nourishing big dreams”, has successfully sponsored the third edition of the Spelling Genius competition.

L-r: Eminence Chika Onwuatuogu, a judge; Aderibigbe Emmanuel, Spelling Genius Champion; Emeka Onyejiaka, and Catherine Onyejiaka, both judges, at the presentation of mock cheque and trophy to the Spelling Genius competition winner.

The competition held recently at the SUBEB Multipurpose Hall, Maryland, Lagos, brought together over 1500 students and instructors from primary and secondary schools (state and private).

The contestants vied to showcase their spelling skills at the competition aimed to enhance vocabulary and spelling skills for successful learning.

Twisco awarded a total of ₦750,000 in prizes to the top three winners: ₦150,000 for the third place winner, ₦250,000 for the second place winner, and a grand prize of ₦350,000 for the first place winner.

Speaking to journalists at the event, Lillian Omorenuwa, the Brand Manager, Beverage Category at Promasidor Nigeria, said they are not only helping the children develop spelling skills and reading comprehension, but also bolstering their confidence and communication skills as well.

“At the heart of Twisco is empowering young minds; one word at a time. Yes. We have been doing this because the children are dear to us and we stand for their well-being”, Lillian added.


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MTN Foundation’s Odunayo Sanya Urges Private Sector to Join Forces for Better Healthcare in Nigeria

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Odunayo Sanya, Executive Director of MTN Foundation, has urged stakeholders in the healthcare industry to come together to address the skills gap and improve healthcare outcomes in Nigeria. Speaking at the CLI College graduation ceremony on May 25th, 2024, where she delivered the keynote speech, Sanya emphasised the need for collective action to bridge the skills gap in the healthcare industry.

“The private sector, including individuals and institutions, must collaborate to make a meaningful impact in our communities. We need to create an environment that fosters innovation, skills development and access to quality healthcare,” Sanya said.

She commended CLI College for its commitment to equipping healthcare professionals with the necessary skills and knowledge, saying, “I applaud CLI College for its dedication to addressing the critical need for qualified healthcare professionals in Nigeria. We need more institutions like this to accelerate progress in our healthcare sector.”

Sanya also highlighted the importance of strong institutions and policy consistency in driving economic development, saying, “Clear policies and good institution building are essential for growth and progress. We need to replicate this success in other sectors, including healthcare.”

Other stakeholders at the event also emphasised the need for collaboration and collective action to improve healthcare outcomes in Nigeria.

CLI Founder, Angela Chizea, Head of Health School, CLI College acknowledged the graduates’ dedication and emphasised the importance of education in shaping their futures. She also expressed gratitude to the college staff and supportive families who played a role in the graduates’ journeys.

“We acknowledge the critical role played by our college staff, whose tireless efforts and unwavering support have helped shape your journey. And to the families and loved ones who have supported our graduates every step of the way, we extend our heartfelt gratitude.” Mrs. Angela said.

MTN Foundation has invested in several critical intervention areas in Nigeria over the past 19 years, including national priorities like women empowerment, education and healthcare.

CLI College is a leading private career college in Nigeria offering diploma and certificate programs designed to prepare students for success in healthcare, business, technology and creative. Their focus on practical skills and flexible learning options empowers individuals to launch new careers or advance in their current fields.

 


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