How tech and telecom companies owed banks N1.69 trillion

  • As telcos move to recover N250 billion USSD debt, it has been disclosed that technology companies in Nigeria are indebted to banks to the tune of N1.69 trillion
  • Data from the Central Bank of Nigeria showed that the debt was 3.9% less than what the firms owed in 2023
  • The drop in borrowing came as CBN continued to increase interest rates, which occurred six times in 2024

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

As of September 2024, tech and telecom firms in Nigeria owed banks about N1.69 trillion amid a raging USSD battle between financial institutions and telecom firms.