Nine Nigerian Banks to Lose USSD Access Over N200 Billion Debt
The Nigerian Communications Commission (NCC) has authorized telecommunications companies to disconnect nine Nigerian banks from their assigned Unstructured Supplementary Service Data (USSD) codes due to unpaid invoices. The disconnection will take effect from January 27, 2025, and will affect major financial institutions across the country.
In an official statement issued on Tuesday, NCC spokesperson, Ruben Muoka, announced that the affected banks, which 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, have failed to settle outstanding USSD usage fees. These fees have been unpaid for an extended period, with some invoices dating back to 2020.
The commission revealed that, of the 18 financial institutions involved in the issue, these nine had not complied with directives issued in a December 20, 2024, circular by the Central Bank of Nigeria (CBN) and the NCC. This non-payment affects various USSD codes, including 770, 919, and 822, which are widely used for banking transactions.
The NCC further cautioned consumers that starting from January 27, 2025, they may no longer be able to access the USSD platforms of the listed banks. This move highlights the ongoing dispute between Mobile Network Operators (MNOs) and financial institutions over a mounting N200 billion in unpaid invoices for USSD services.
The disconnection could deal a significant blow to Nigeria’s financial inclusion goals, as millions of transactions rely on USSD codes for mobile banking access. According to data from the Central Bank of Nigeria (CBN), a total of 252.06 million USSD transactions worth N2.19 trillion were conducted between January and June 2024 alone, showing substantial growth from the previous year.
The deadline set by the NCC is now a critical point for the affected financial institutions to settle their dues or risk losing vital access to their customers via USSD services.
