Banks reconnects MTN to Banking Channels

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Commercial banks have reconnected MTN customers to banking channels after 48hours of blocking them from services including Unstructured Supplementary Service Data and banking apps.

It should be recalled that banks blocked MTN customers on Friday, leaving about 77 million subscribers of the network frustrated as many were unable to recharge via USSD and their banking apps.

It was gathered that Zenith bank was exempt was the only bank exempted sad it was already connected directly to MTN.

The blockade was a result of the reduction in the banks’ commission from an average of 3.5 per cent to 2.5 per cent. The banks had earlier written to MTN to switch back to the old commission, otherwise, they would block MTN airtime in all their channels.

However, in a letter obtained by The PUNCH, MTN agreed that the banks revert to the status quo 4.5% commission while a meeting for the reduction of the charges will hold on Tuesday.

The letter which was dated April 3, 2021 was signed by the MTN Chief Executive Officer, Karl Toriola, and it was addressed to the Chairman of Body of Banks’ CEOs, Herbert Wigwe.

“In an attempt to resolve the current USSD recharge impasse, given the intervention from our regulators, we hereby agree that the banks revert to the status quo of 4.5% commission.

“However, the banks and MTN Communications Nigeria Plc shall sit to agree on various options that will result in the reduction in the costs on 6th of April 2021,” the letter read.