Full List: 9 Nigerian Banks Set to Disable USSD Codes for Customers Starting January 27

The Nigerian Communications Commission (NCC) has approved the suspension of USSD services for nine major banks due to unpaid debts totaling N160 billion.

This development poses a serious challenge to the Central Bank of Nigeria’s (CBN) push for a cashless economy. USSD services, a vital tool for financial transactions, allow Nigerians to access banking services without internet connectivity.

Why USSD Services Are at Risk

Since 2019, nine deposit money banks (DMBs) have struggled to settle their collective debt of N160 billion owed to mobile network operators (MNOs). Initially, 18 banks were involved, but nine have since cleared their debts. The remaining banks now face a January 27, 2025, deadline to avoid disconnection from USSD platforms.

List of Banks Facing USSD Suspension

The following banks risk losing their USSD services:

• Fidelity Bank Plc (*770#)
• First City Monument Bank (FCMB) (*329#)
• Jaiz Bank Plc (*773#)
• Polaris Bank Limited (*833#)
• Sterling Bank Limited (*822#)
• United Bank for Africa (UBA) (*919#)
• Unity Bank Plc (*7799#)
• Wema Bank Plc (*945#)
• Zenith Bank Plc (*966#)

Services Impacted by the Suspension

If the suspension takes effect, customers of these banks will lose access to crucial financial services via USSD, including:

• Checking account balances
• Fund transfers
• Bill payments
• Mobile airtime top-ups
• Card-related services (blocking, requests, replacements)
• Account statements
• Opening new accounts

How Does USSD Work?

USSD codes allow users to perform financial transactions quickly without needing internet access. To activate, customers typically:

1. Register with their bank.
2. Set up a secure transaction PIN (4 or 5 digits).
3. Use the code to access services, protected by the PIN to prevent unauthorized transactions.

NCC’s Stance on the Issue

In a public statement, the NCC emphasized its commitment to consumer protection, noting that customers might face service disruptions due to the unresolved debts. The NCC encourages affected banks to settle their obligations to ensure uninterrupted service delivery.

“Consumers may be unable to access USSD platforms of the affected financial institutions from January 27, 2025,” the NCC stated.