The Nigerian Communications Commission (NCC) has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes associated with nine banks due to a backlog of unpaid debts by the financial institutions.
The directive is contained in a statement signed by the Director of Public Affairs at the NCC, Reuben Muoka.
The document reportedly obtained by Channels Television stipulates that the banks in question must settle their outstanding debts by January 27, 2025, or they will forfeit access to their USSD codes.
The regulatory body did not disclose the specific amount of debt owed by the nine banks.
As per the NCC’s public announcement, nine out of a total of 18 financial institutions have failed to adhere to regulatory requirements.
While other banks have resolved their debts, the cumulative amount initially owed by these financial institutions was reported to exceed N200 billion.
The NCC also indicated that some of the unpaid invoices have been outstanding since 2020.
The notice said: “By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020.”
The affected financial institutions 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
- Zenith Bank Plc.
The USSD codes impacted include 770, 919, and 822, among others, which may be reassigned to different applicants if outstanding debts are not addressed.
The regulatory body indicated that the banks’ non-compliance with the joint circular issued by the CBN and NCC signifies their inability to fulfil the good standing criteria necessary for the renewal of the USSD codes allocated to them by the commission.
Furthermore, in line with its consumer protection responsibilities, the commission has advised consumers that access to the USSD platform of the affected financial institutions may be unavailable starting January 27, 2025.
The NCC reiterated that the financial institutions have been formally informed of the urgent need for compliance and cautioned that consumers could experience service interruptions if the issues are not resolved.
Additionally, data from the CBN indicated that between January and June 2024, there were 252.06 million transactions conducted via USSD, amounting to ₦2.19 trillion.
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