The Nigerian Communications Commission (NCC) has directed telecommunications operators to disconnect the USSD codes of nine financial institutions due to unpaid debts.
The disconnection, scheduled for January 27, 2025, is part of enforcement actions to recover significant outstanding payments owed by the banks.
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.
In a statement signed by its Director of Public Affairs, Reuben Muoka, the NCC said the action follows the banks’ failure to comply with a directive jointly issued by the Central Bank of Nigeria (CBN) and NCC on December 20, 2024.
The directive required the settlement of outstanding invoices for USSD services provided by telecom operators.
“This enforcement is to ensure accountability and protect the rights of telecom operators who have rendered services without receiving payments as agreed,” the statement read.
The NCC warned that consumers might experience disruptions in accessing mobile banking services if the debts remain unpaid. USSD codes, which facilitate financial transactions such as transfers, bill payments, and balance inquiries, are widely used by millions of Nigerians, especially in areas with limited internet access.
According to the NCC, the affected banks risk losing their USSD codes permanently as the commission may reassign the codes to other applicants if the debts are not cleared.
The development comes amid long standing disputes between banks and telecom operators over the sharing of revenue generated through USSD services.
Telecom operators claim that unresolved payment issues have hindered their operations, while banks have raised concerns over transaction charges.
With the January 27 deadline approaching, stakeholders are urging both parties to reach an amicable resolution to prevent disruptions to mobile banking services nationwide.
The NCC reiterated its commitment to consumer protection and ensuring the seamless delivery of services in Nigeria’s telecommunications sector.