Anietie Udobit, Abuja
Due to a backlog of unpaid debts, the Nigerian Communications Commission (NCC) has authorised the disconnection of Unstructured Supplementary Service Data (USSD) codes for nine financial institutions.
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In a directive signed by Reuben Muoka, NCC’s Director of Public Affairs, and obtained by Channels Television on Tuesday, it was noted that the affected banks must settle their outstanding debts by January 27, 2025, or face the loss of access to their USSD codes. However, the NCC did not disclose the specific amount owed by the nine banks.
The NCC’s public notice revealed that of the 18 financial institutions involved, nine had failed to comply with regulatory requirements. While other banks have settled their debts, the total amount owed by the institutions was reported to exceed N200 billion. Some invoices have remained unpaid since 2020.
The notice further stated, “As of the close of business on Tuesday, 14th January 2025, of the 18 financial institutions, nine have significantly failed to comply with the directives in the Second Joint Circular of the Central Bank of Nigeria (CBN) and the commission dated December 20, 2024, for settling outstanding invoices due to Mobile Network Operators (MNOs), some dating back to 2020.”
The nine affected financial institutions are 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 may be reassigned to other applicants if the debts remain unpaid.
The NCC also highlighted that the failure to adhere to the CBN-NCC joint circular means the affected banks cannot meet the requirements for renewing their USSD codes. The commission stated, “In line with its consumer protection mandate, the commission wishes to inform consumers that they may not be able to access the USSD platform of the affected financial institutions from January 27, 2025.”
Furthermore, the NCC reiterated that the financial institutions had been notified of the need to comply immediately and warned that consumers could face service disruptions if the issues are not resolved.
In related news, data from the CBN showed that 252.06 million USSD transactions, totaling N2.19 trillion, were conducted between January and June 2024.