Millions of MTN subscribers have been left stranded as banks disconnected the network from banking channels including the Unstructured Supplementary Service Data (USSD) and banking apps.
MTN subscribers poured in complaints on Friday, about being unable to recharge their MTN lines or perform any transctions using the network through USSD and other banking channels.
Information gathered showed that MTN did not cut off customers rather, the banks acted on their own.
It was disclosed that MTN had minimized the commission due for banks from an average of 3.5% to 2.5%, which led to the banks taking such actions, Punch reports.
It was further disclosed that the aggregators and channel partners allowed this because the reduction is standard.
A source disclosed that, “The banks wrote back to the aggregators to revert back to the old commission, otherwise, they would block MTN airtime recharge in all their channels”.
Subscribers of MTN are being denied services by the banks even when they have money in their accounts.
Zenith bank, is said to be connected directly to MTN and it is the only bank that has not obstructed the network.
According to the source, the banks were unwilling to pay the cost of the USSD channel and were okay with cutting off subscribers in order to protect their profits.
The source added, that this action is for the preservation of bank profits, which are already substantial and growing despite the wider economic conditions.
However, the Honourable Minister of Communications, Isa Pantami, in a tweet late Friday, said the dispute between the banks and MTN is in an advanced stage of being resolved.