The Nigerian Communications Commission (NCC) has instructed telecommunications companies to deactivate the Unstructured Supplementary Service Data (USSD) codes assigned to nine banks due to a backlog of unpaid debts.
In a directive issued by the NCC’s Director of Public Affairs, Reuben Muoka, on Tuesday and obtained by, the affected banks have until January 27, 2025, to settle their debts or risk losing access to their USSD platforms.
Although the NCC did not disclose the total amount owed, it revealed that the debts, some of which date back to 2020, were part of an initial sum exceeding N200 billion owed by 18 financial institutions.
While other banks have cleared their outstanding invoices, nine banks have failed to comply with the regulatory directives.
According to the NCC’s notice, “As of the close of business on Tuesday, January 14, 2025, nine out of 18 financial institutions have not significantly complied with the directives outlined in the Second Joint Circular of the Central Bank of Nigeria (CBN) and the NCC, dated December 20, 2024, regarding the settlement of outstanding invoices owed to Mobile Network Operators (MNOs).”
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The affected banks 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
“USSD codes such as 770, 919, and 822, among others, may be reassigned to other applicants if the debts are not resolved promptly”, said NCC.
NCC further stated that the banks’ inability to adhere to the CBN-NCC joint circular disqualifies them from meeting the good standing requirements needed for the renewal of their USSD codes.
“In line with its consumer protection mandate, the commission informs the public that access to the USSD platforms of the affected banks may be disrupted starting January 27, 2025, if the debts remain unpaid,” the NCC warned.
Meanwhile, data from the Central Bank of Nigeria (CBN) shows that between January and June 2024, over 252.06 million USSD transactions worth N2.19 trillion were conducted, underscoring the significance of the platform to financial services in the country.
The NCC reiterated that the affected financial institutions have been duly notified and urged them to comply immediately to avoid service disruptions.
