By Correspondent in Abuja.
The Nigerian Federal Government, through the Nigerian Communications Commission (NCC), has directed telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine banks due to unpaid debts.
This decision follows a public notice issued on Tuesday by the NCC’s Director of Public Affairs, Reuben Muoka.
The banks in question have been given until January 27, 2025, to settle their outstanding debts or face permanent disconnection.
USSD codes, crucial for mobile banking services such as money transfers and airtime purchases, may be reassigned to other applicants if payments are not made.
Out of 18 banks initially involved, only nine have yet to clear their debts, which reportedly total over N200 billion. While the regulator has not disclosed the exact amount still owed, it confirmed that some invoices have remained unpaid 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. Codes such as 770, 919, and 822 could be disconnected.
Consumers relying on these banks may face disruptions in mobile banking services if the issue is not resolved.
The NCC emphasized that the banks failed to adhere to a December 2024 directive jointly issued by the Central Bank of Nigeria (CBN) and the commission. This non-compliance also threatens their eligibility for the renewal of their USSD codes.
Between January and June 2024, the CBN reported over 252 million USSD transactions, valued at N2.19 trillion, underlining the service’s importance. Originally intended for telecom services, USSD has become a vital tool for the banking sector, enabling financial transactions without the need for an internet connection.
However, disputes over unpaid fees are now jeopardizing its availability to consumers. The NCC reiterated its commitment to protecting consumers, warning of imminent disruptions unless the banks comply with the payment directive.
Edited by Dada Ahmed.
