The Nigerian Communications Commission (NCC) has directed telecommunications companies to disconnect the USSD codes assigned to nine banks over unpaid debts. The affected banks must settle their outstanding payments by January 27, 2025, or risk losing access to the codes, which are essential for mobile banking services.
The banks involved include Fidelity Bank, FCMB, Jaiz Bank, Polaris Bank, Sterling Bank, UBA, Unity Bank, Wema Bank and Zenith Bank. USSD codes such as 770, 919 and 822 are among those at risk of being reassigned to other applicants if the debts remain unpaid.
The NCC revealed that nine out of 18 financial institutions have failed to comply with regulatory directives to clear outstanding debts, some dating back to 2020. While the total debt initially exceeded ₦200 billion, the exact amount currently owed was not disclosed. Other banks have reportedly settled their dues.
The NCC warned that consumers might face service disruptions on the USSD platforms of the affected banks if the issue persists. This could impact millions of mobile banking users nationwide.
USSD technology, originally designed by telecom operators, has become crucial for banking, enabling financial transactions without Internet access. Between January and June 2024, over 252 million transactions worth ₦2.19 trillion were conducted via USSD, underscoring its importance.
The NCC emphasized its commitment to protecting consumers and ensuring compliance with regulations. The banks were reminded of the consequences of non-compliance, including losing good standing for USSD code renewal. The commission also highlighted the need to resolve long-standing tensions between banks and telecom operators over USSD-related debts.