Connect with us

Telecom

CBN Moves to Resolve Telcos, Banks’ Dispute over N120Bn Debt

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has blamed the dispute between telcos  and deposit money banks (DMBs) over non-payment for the provision of the Unrestructured Supplementary Service Data (USSD) to bank users by service providers on technical issues.

CBN Moves to Resolve Telcos, Banks’ Dispute over N120Bn Debt

The technical issues the apex banks claims regards the definition of a successful transaction from a bank and telco perspective.

Recall that telecoms operators in Nigeria had on Friday withdrawn their services to banks, causing customers difficulty in accessing online banking transactions that depend on the platform.

These are transactions conducted on mobile phones like fund transfers through shortcodes, and checking of bank details and account balances, among other services with or without data or internet services.

But in  a statement yesterday, Dr. Isa Abdulmumin, spokesperson for the CBN, explained that the apex bank was on top of the situation, blaming the dispute on technical issues regarding the definition of a successful transaction from a bank and telco perspective.

He said, “The CBN is very much aware of the protracted dispute between the banks and telcos and has been engaging all stakeholders to ensure an amicable resolution.

“Indeed, it was due to the direct intervention of the CBN (or CBN Governor) in March 2021 that a per session price of N6.98 (including settling any outstanding fees) was agreed upon between the banks and telcos.

“As far as we are aware, since 2021, DMBs continue to collect the USSD fees and remit the same on behalf of the telcos based on that agreement.

“We understand the latest dispute concerns technical issues regarding the definition of a successful transaction from a bank and telco perspective.

The apex bank’s image maker explained that the USSD fees are charged by DMBs using an automated system which bills the customer for a successful transaction only after a banking service is consumed.

He explained further that for the telcos, a successful transaction happens once the customer has dialled the USSD short-code which may not lead to the consummation of a banking service.

“Whilst such truncated transactions are not registered on the DMBs collection platform and thus not billed to bank customers, telcos expect the DMBs to charge customers once the short-code is dialled, whether or not a financial transaction is consummated.,” he said.

Giving a further explanation of the role of the CBN, Abdulmumin said “At a recent meeting of the DMBs & Telco representatives chaired by the Governor of the CBN to resolve the issue, he acknowledged the telcos right to collect all legitimately earned fees due to them and to recover their cost.

“Following the discussion, the direct billing model was proposed as a lasting solution to the issue. This would enable telcos full visibility of USSD transactions and allow them to charge their customers directly. The feasibility of the model is still being worked out by the relevant stakeholders.”

He described the USSD as a critical channel leveraged primarily by the financially excluded, vulnerable and critical mass, saying the  CBN remains committed to ensuring that the areas of contention related to the selection of telco charges for USSD are resolved in the interest of the financial system and overall economy.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Telecom

Google, Meta Criticize Australia’s Rush to Pass Social Media Ban for Under-16s

Published

on

Kindly share this post

Tech giants Google and Meta have called on the Australian government to delay a proposed bill that would ban children under 16 from accessing most social media platforms.

The companies argue that more time is needed to assess the bill’s impact and await results from an age-verification trial.

Prime Minister Anthony Albanese’s government aims to pass the legislation—one of the strictest globally on children’s social media use—by Thursday, the final day of the parliamentary year. Introduced last week, the bill was open for public submissions for just one day, drawing criticism for its expedited timeline.

The proposed law would require social media companies, rather than parents or children, to enforce age-verification measures, potentially using biometrics or government-issued identification. Companies found in breach could face fines of up to A$49.5 million ($32 million).

Meta criticised the bill as “inconsistent and ineffective” without clear results from the age-verification trial. Google echoed the sentiment, urging for a measured approach to ensure Australians understand the implications of the legislation.

TikTok raised “significant concerns” over the lack of consultation with experts, social media platforms, mental health organisations, and young people. “Novel policies must be drafted thoroughly to ensure their success,” the company stated.

Elon Musk’s X also opposed the bill, arguing it could infringe on children’s human rights, including their freedom of expression and access to information. Musk, a vocal advocate for free speech, accused the government of using the bill as a backdoor to control internet access.

The opposition Liberal Party has signalled support for the bill, while some independent lawmakers have criticised the government for rushing its passage. A Senate committee report on the bill is expected on Tuesday.

If passed, the bill will place Australia at the forefront of regulating children’s online activity, but its swift progression and potential implications have sparked a heated debate over privacy, freedom, and the role of government in digital spaces.


Kindly share this post
Continue Reading

Telecom

Unforgettable Moments and Big Wins at the TECNO SPARK 30 City Tour

Published

on

Kindly share this post

TECNO SPARK 30 city tour made a memorable stop at Ikeja City Mall on November 15th, bringing with it an infectious energy that electrified the entire city.

As the event unfolded, it was clear that this was more than just a product showcase – it was an immersive experience designed to thrill and delight.

The day’s festivities kicked off with the iconic TECNO SPARK 30 transformer bus, painted in bold red and blue hues, rolling into action.

The bus served as the hub for a games grotto, where fans immersed themselves in thrilling digital games and adventures.

Outside, the excitement spilled over, with attendees engaging in friendly competitions of Jenga, Monopoly, Ludo, and chess.

These games sparked laughter, playful banter, and a sense of camaraderie among strangers.

As the games heated up, so did the rewards. Purchasers of the TECNO SPARK 30 Pro enjoyed a N20,000 discount and a chance to win up to 100% cashback by participating in the games.

The atmosphere was electric, with cheers of victory, enthusiastic applause, and celebratory high-fives.

The excitement reached a fever pitch with the arrival of tech and lifestyle creator Kagan, accompanied by Big Brother Naija Season 9 stars Victoria and Ruthee.

The trio dove into the action, competing in games and claiming victory. They were awarded TECNO-branded gift items, earning cheers and applause from the thrilled crowd.

The event was an unforgettable experience, leaving a lasting impression on all who attended.


Kindly share this post
Continue Reading

Telecom

Sophos Report Highlights Cyber Risks During Holiday Shopping Season

Published

on

Kindly share this post

With Black Friday and Cyber Monday around the corner, we’re entering a high-risk period for cybersecurity.
A recent Sophos report highlights that malicious emails were the second most common root cause of ransomware attacks in critical sectors, responsible for 25% of cases.

During peak shopping days, this threat intensifies.

Here’s what happens: with the surge in online deals, more employees may be shopping from their work computers, feeling that Cyber Monday is a legitimate time to do so.

This increases the risk of them clicking more freely and potentially exposing the organization to malicious links or phishing attacks.

To keep your organization safe, encourage your team to follow these simple tips:

• Use an ad blocker – Advertisements are not only tracking your every movement and collecting enough information on your habits to make the FBI blush, but they are also a major source of malicious links and deceptive content on the internet. Not only is your browsing safer, but also faster and uses less bandwidth. Two of our favorites are uBlock Origin and Ghostery.
• Use private browsing or incognito mode – To prevent your shopping habits and interests from following you around from site to site (and potentially revealing what gifts you might be purchasing to others using your device, bonus!), you should enable private browsing (Firefox) or incognito mode (Chrome). This will block tracking cookies and help the internet forget your travels as the waves wash away your footprints in the sand.
• Make your browser “privacy smart” – The Electronic Frontier Foundation (EFF) provides a browser extension called Privacy Badger designed to automatically make all the right choices around browsing whilst maintaining our privacy and blocking invisible trackers.
• Avoid using one account on multiple services – When logging into an e-commerce site it is often tempting to use the “Sign in with Facebook” or “Sign in with Google” button. While it takes a few more minutes to create a new login, it will provide more privacy as you are not sharing all of the sites you shop at with these tech giants.
• Use guest login when available – In addition to letting you use an account from other websites, many have an option to use a guest login rather than creating a new account. This is a great option if you don’t expect to need technical support or to do business on a recurring basis. Fewer passwords, fewer personal details, fewer problems if they get hacked.
• Don’t save card details – Many e-commerce sites will default to storing your credit card information in your profile for your “convenience” (or their hope you’ll shop there again). They can’t lose what they don’t have, so tell them not to store your credit card unless it is absolutely necessary.
• Use temporary card numbers – Many financial institutions now offer temporary or one-time use credit card numbers. You can open the app on your phone or in your browser and get a single-use disposable credit card number preventing card fraud and tracking when merchants share card processors. Sometimes you’re even able to specify a card limit per temporary number to further protect your account.
• Use credit, not debit – All of us need to be wary of overspending during the holidays, but it is best to leave the debit card at home. Credit cards offer significantly more protection against online fraud, and you are in the power position in a dispute. You can simply not pay your bill while disputing the charge, rather than having criminals directly drain your bank account of your hard-earned cash.
• Beware of direct messages via social media/chat apps – With modern generative AI technology it is almost trivial to create an entire fake online store and lure people to share their personal information and payment data with you. It’s safest to shop at established sites or those personally recommended to you by friends and family. Many unsolicited messages lead to data collection or theft.

• Don’t click deals in email that look too good to be true or are from businesses you don’t have accounts from – these could be phishing emails hoping to bait you into clicking links to bogus, malicious web sites.

This season, small steps can make a big difference in protecting against cyber threats.


Kindly share this post
Continue Reading

Trending