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Telcos To Disconnect USSD Codes Of 9 Banks Over Unpaid Debts – See List

Published

8 hours ago

Jan 15, 2025.

NCC orders nine banks to settle USSD debts.
Failure may lead to code deactivation by January 27.
Over N200bn in unpaid debts dates back to 2020.

The Nigerian Communications Commission (NCC) has directed telecommunications companies to deactivate the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions over unpaid debts.

This decision was communicated through a public notice issued on Tuesday and signed by NCC’s Director of Public Affairs, Reuben Muoka.

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EKO HOT BLOG reports that according to the NCC, the affected banks must resolve their outstanding obligations by January 27, 2025, or permanently lose access to their USSD codes. These codes, which are vital for mobile banking services, may be reassigned to other applicants if the debts remain unpaid.

The NCC disclosed that, as of the close of business on January 14, 2025, nine out of 18 financial institutions had failed to comply with regulatory directives concerning the settlement of outstanding invoices owed to mobile network operators (MNOs). While other banks have settled their debts, the total amount initially owed by all institutions reportedly exceeded N200 billion. However, the exact current debt of the non-compliant banks was not revealed.

Some of these unpaid invoices date back to 2020, underscoring a longstanding financial dispute between the banks and telecom operators.

The NCC stated that the failure of these banks to adhere to the directives outlined in a Second Joint Circular issued by the Central Bank of Nigeria (CBN) and the NCC on December 20, 2024, means they no longer meet the good standing requirements for USSD code renewal.

The notice read: “By the information made available to the commission as at close of business on Tuesday, 14th January 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 affected financial institutions 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

Zenith Bank Plc

The USSD codes at risk of disconnection include popular ones such as 770, 919, and 822.

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The NCC emphasized that consumers might experience disruptions in accessing the USSD platforms of these banks if the issues remain unresolved. It reiterated its commitment to protecting consumers and ensuring seamless access to financial services.