The Nigerian Communications Commission (NCC) has directed telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions over unpaid debts.
In a directive signed by its Director of Public Affairs, Reuben Muoka, and obtained by Channels Television on Tuesday, the NCC mandated the affected banks to settle their outstanding debts by January 27, 2025, or face losing access to their USSD platforms.
The commission did not disclose the exact amount owed by the banks but noted that the total debt initially owed by 18 financial institutions exceeded N200 billion. According to the NCC, some of these invoices have been outstanding since 2020.
The public notice read, “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 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. Their USSD codes, including 770, 919, and 822, may be reassigned to other applicants if the debts remain unpaid.
The NCC highlighted that the failure of these banks to comply with the joint circular issued by the Central Bank of Nigeria (CBN) and the NCC means they no longer meet the good standing requirements for the renewal of their USSD codes.
“In fulfilment of its consumer protection mandate, the commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025,” the notice added.
The regulator stated that the financial institutions had been duly informed about the urgency of compliance, warning that service disruptions may occur if the issue is not resolved.
Data from the CBN shows that USSD remains a critical financial service channel, with 252.06 million transactions worth N2.19 trillion conducted between January and June 2024.
