Why financial services channel was restored, MTN clarifies

MTN Nigeria has revealed more insight on the dialogues that followed the suspension and restoration of digital banking services last week.

According to a statement on Thursday, MTN disclosed that it would restore its prior cost of sales structures with banking partners until a new long-term agreement can be reached on a workable pricing structure going forward.

The statement read, “Following the temporary suspension of sales of MTN products through our banking channel partners on April 2, 2021, services were restored on Sunday, April 4, 2021 with customers able to access all services. This was agreed on the basis that MTN would revert to its previous cost of sales structures with banking partners, until a new long-term agreement can be reached on a sustainable pricing structure going forward.

“Consequent on the intervention of the Minister of Communications and Digital Economy, the Nigeria Communication Commission and the Central Bank of Nigeria, since April 6, 2021, MTN has been participating in a series of meetings to align on longer-term pricing structures. We will provide a further market update once these discussions have been concluded.

“The streamlining MTN undertook is an international standard and best practice as the scale is built along distribution channels. We are confident that partners in the banking sector will work with us to ensure this process concludes as quickly as possible to the benefit of the entire industry.”