
The Nigerian Communications Commission (NCC) has authorized telecommunications operators to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine banks due to their failure to settle outstanding debts.
This decision, detailed in a statement signed by Reuben Muoka, the NCC’s Director of Public Affairs, stipulates that the affected banks must clear their debts by January 27, 2025, or risk losing access to their USSD platforms.
Banks Affected
The directive targets the following financial institutions:
- Fidelity Bank Plc
- First City Monument Bank (FCMB)
- Jaiz Bank Plc
- Polaris Bank Limited
- Sterling Bank Limited
- United Bank for Africa Plc (UBA)
- Unity Bank Plc
- Wema Bank Plc
- Zenith Bank Plc
The USSD codes impacted include 770, 919, and 822, which could be reassigned to other entities if the debts remain unpaid.
Outstanding Debt Details
- The cumulative debt owed by these banks initially exceeded ₦200 billion, with some invoices dating back to 2020.
- Nine out of 18 banks have failed to comply with the regulatory requirements outlined in a joint circular issued by the Central Bank of Nigeria (CBN) and the NCC on December 20, 2024.
The NCC emphasized that non-compliance with the joint directive reflects the banks’ failure to meet the good-standing criteria required for the renewal of their USSD codes.
If the debts are not resolved by the deadline, the NCC will reallocate the affected USSD codes to other applicants, potentially disrupting services for millions of customers.
The NCC has warned consumers to expect possible interruptions in accessing USSD services for banking transactions with the affected institutions. Between January and June 2024 alone, 252.06 million USSD transactions, valued at ₦2.19 trillion, were conducted.
The NCC reiterated its commitment to consumer protection and urged the banks to comply promptly to avoid inconveniencing their customers. The regulatory body assured the public that it is working with the Central Bank of Nigeria to ensure compliance and resolve the issue amicably.
As the deadline approaches, all eyes are on the affected banks to see whether they will meet their obligations or face the consequences outlined by the NCC.