THE Nigerian Communication Commission (NCC) has authorized telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes associated with nine banks due to a backlog of unpaid debts.
The directive, signed by Reuben Muoka, the NCC’s Director of Public Affairs, was issued yesterday. It stated that the banks involved must settle their outstanding debts by January 27, 2025, or they would lose access to their USSD services.
While the NCC did not disclose the specific amounts owed by the banks, it indicated that nine out of 18 financial institutions had failed to comply with regulatory requirements.
Other banks have settled their debts, but the total amount owed by the financial institutions was reported to exceed N200 billion.
The NCC noted that some invoices have remained unpaid since 2020.
Part of the notice stated, “As of the close of business on Tuesday, January 14, 2025, of the 18 financial institutions, the following nine have significantly failed to comply with the directives outlined in the Second Joint Circular from the Central Bank of Nigeria and the NCC dated December 20, 2024, regarding the settlement of outstanding invoices due to Mobile Network Operators (MNOs), some dating back to 2020.”
The banks affected include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.
The USSD codes in question, including 770, 919, and 822, may be reassigned to other applicants if the debts are not resolved.
The NCC highlighted that the banks’ non-compliance with the CBN-NCC joint circular means they do not meet the good standing requirements for renewing their assigned USSD codes.
It further stated, “In line with its consumer protection mandate, the commission wishes to inform consumers that they may lose access to the USSD services of the affected banks starting January 27, 2025.”
The NCC stressed that the banks have been formally notified of the need for immediate compliance and warned that consumers could experience service disruptions if the issues are not addressed.
Additionally, data from the Central Bank of Nigeria shows that 252.06 million transactions worth N2.19 trillion were conducted via USSD from January to June 2024.