The Nigerian Communications Commission (NCC) has ordered telcos to disconnect USSD codes of nine banks due to overdue debts. These banks have until January 27, 2025, to settle outstanding payments, or their codes will be reassigned. The total debt owed by these banks exceeds N200 billion.
The Nigerian Communications Commission (NCC) has instructed telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine financial institutions due to unpaid debts. The affected banks must settle their outstanding balances by January 27, 2025, or risk losing access to these codes.
Although the exact amount owed by the banks has not been disclosed, it is reported that the total debt exceeds N200 billion, with some invoices dating back to 2020. Nine of the 18 financial institutions involved have failed to comply with the regulatory requirements, prompting the NCC to take action. The banks listed include Fidelity Bank, First City Monument Bank, Jaiz Bank, Polaris Bank, Sterling Bank, United Bank for Africa, Unity Bank, Wema Bank, and Zenith Bank.
The consequences of non-compliance are severe, as the banks' USSD services, such as codes 770, 919, and 822, could be reassigned to other applicants. Consumers may face disruptions if the debts remain unpaid. The NCC has emphasized the importance of adherence to the joint circular issued by the Central Bank of Nigeria and the NCC, which mandates the payment of these outstanding debts.
