The Nigerian Communications Commission (NCC) has approved the disconnection of Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions due to unpaid debts.
The directive, issued in a public notice signed by Reuben Muoka, NCC’s Director of Public Affairs, mandates the affected banks to settle their outstanding obligations by January 27, 2025, or risk losing access to their USSD codes.
USSD codes, originally designed by telecom operators, allow banks to provide quick and convenient mobile services without internet access.
Checks by Investors King showed that if debts remain unsettled, the codes may be reassigned to other applicants.
As of January 14, 2025, the following financial institutions have yet to comply:
- 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
While other banks have cleared their debts, the total amount initially owed by the financial institutions reportedly exceeded N200 billion. The NCC did not disclose the exact amount currently owed but noted that some invoices have remained unpaid since 2020, highlighting a prolonged financial dispute between the banks and telecom operators.
The public notice stated, “By the information made available to the commission as of the close of business on Tuesday, January 14, 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 NCC also warned that failure to comply with the CBN-NCC joint circular would prevent the affected banks from meeting the requirements to renew their USSD codes.
The affected codes include 770, 919, 822, 329, 773, 833, 7799, 945, and 966.
The NCC explained that consumers might face service disruptions starting January 27, 2025, if the issues remain unresolved.
