The USSD service, a crucial payment gateway for financial transactions in Nigeria, has seen a surge in use since its introduction. From mobile banking to bill payments, USSD has become an indispensable tool, especially for those in rural areas without access to smartphones or internet banking.
This pivotal move is poised to make credit more affordable for individuals and businesses, fostering broader economic participation.
With debts totaling ₦250 billion, telecom operators warn that they may be forced to suspend USSD services to banks, a move that could disrupt millions of financial transactions across the country.
The impact of internal fraud goes beyond lost money; it has a psychological toll on customers who rely on these banks to safeguard their financial well-being