Lenders cut off Nigeria’s biggest telco from banking platforms

April 4, 2021
34 Views

(Bloomberg) —

Some Nigerian lenders have cut off MTN Nigeria from their banking platforms, making it impossible for millions of customers to buy credit for their phones.

All lenders in Africa’s most populous country, except Zenith Bank, have taken MTN Nigeria off their platform, said Funso Aina, spokesman for the telecommunications company. The banks took the action after MTN reduced the commission paid to lenders for allowing customers use their platform to buy call credit, Aina said. Airtime sales are suspended through all banking channels — banking apps, USSD codes and even debit cards. MTN is the West African nation’s biggest telecom services provider with about 79 million subscribers.

“Dear Customer, our bank recharge channels are currently unavailable. Kindly recharge using physical cards. We apologize for the inconvenience. Thank you,” according to a text message sent to subscribers on Saturday.

MTN later provided 10 alternative platforms, including fintechs and its own mobile apps, that customers can use to make airtime purchases in a text message to subscribers late Saturday evening.

Banking channels are the preferred medium for many Nigerians to buy call credits on their phones because of the convenience it provides. Other telcos have not been affected by the action. The banks couldn’t be reached for comment.

©2021 Bloomberg L.P.

You may be interested

Hajj: NAHCON transports 29,128 pilgrims, 920 officials in 73 flights
News
2 views
News
2 views

Hajj: NAHCON transports 29,128 pilgrims, 920 officials in 73 flights

Webby - July 5, 2022

The National Hajj Commission of Nigeria (NAHCON) says it has so far transported 29,128 pilgrims and 920 officials in 73…

IPOB to Kwankwaso: We’re disciplined, do not speak from both sides of mouth
News
3 views
News
3 views

IPOB to Kwankwaso: We’re disciplined, do not speak from both sides of mouth

Webby - July 5, 2022

IPOBBy Chimaobi NwaiwuThe Indigenous People of Biafra, IPOB, Tuesday replied former Governor Rabiu Kwankwaso of Kano State, asking him to…

BREAKING: Two Injured As Bandits Attack President Buhari’s Convoy In Katsina
News
5 views
News
5 views

BREAKING: Two Injured As Bandits Attack President Buhari’s Convoy In Katsina

Webby - July 5, 2022

In anticipation of his trip to Daura, Katsina State for Sallah celebrations, President Muhammadu Buhari’s advance convoy came under fire…

Leave a Comment

Your email address will not be published.