New Airtime Rule Disrupts Bank Transfers in Nigeria

Customers in Nigeria are experiencing severe disruptions in bank transfers due to a new airtime rule that affects USSD transactions. Reports indicate that many users are unable to complete transfers despite having sufficient funds in their accounts.

This issue has persisted across several commercial banks, including First Bank, First City Monument Bank, United Bank for Africa, Access Bank, and Stanbic IBTC. The disruptions stem from a recent restructuring of the USSD payment ecosystem, which implemented stricter anti-fraud measures.

Customers have expressed confusion and frustration, particularly those in areas with limited internet access who rely heavily on USSD services for routine banking transactions. The new framework mandates that users must have sufficient airtime on their mobile lines to complete USSD transactions, leading to failed attempts even for those with substantial bank balances.

This situation has created significant hardship for small businesses and individuals, prompting calls for urgent intervention from authorities, including the Central Bank of Nigeria.