The Nigerian Communications Commission (NCC) has instructed telecommunications companies to disconnect Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions over outstanding debts. The directive, issued in a public notice signed by the NCC’s Director of Public Affairs, Reuben Muoka, requires the affected banks to settle their obligations by January 27, 2025, or face permanent disconnection.
USSD codes are vital for enabling mobile banking services, and their suspension could disrupt financial transactions for millions of Nigerians. If the debts remain unpaid, the codes could be reassigned to other applicants, the regulator warned.
Affected Financial Institutions
The banks listed in the NCC notice include:
- Fidelity Bank Plc
- First City Monument Bank (FCMB)
- Jaiz Bank Plc
- Polaris Bank Limited
- Sterling Bank Limited
- United Bank for Africa Plc (UBA)
- Unity Bank Plc
- Wema Bank Plc
- Zenith Bank Plc
The impacted USSD codes include 770, 919, and 822, among others.
Meanwhile, the NCC revealed that as of January 14, 2025, nine out of 18 financial institutions had not complied with directives issued in the Second Joint Circular of the Central Bank of Nigeria (CBN) and the NCC dated December 20, 2024. The total debt initially owed exceeded ₦200 billion, with some invoices remaining unpaid since 2020.
The unresolved financial disputes underscore ongoing tensions between telecom operators and banks over the cost of USSD services.
Consumer Impact and Urgent Warning
Furthermore, the NCC cautioned consumers that they might experience disruptions accessing the USSD platforms of the affected banks from January 27, 2025. This development threatens the smooth execution of banking transactions, which have seen significant growth via USSD.
According to CBN data, 252.06 million transactions worth ₦2.19 trillion were conducted via USSD between January and June 2024. This represents substantial growth compared to 2023, when 630.6 million transactions valued at ₦4.84 trillion were completed.
As USSD continues to play a critical role in providing financial services to users without internet access, the potential disconnection of these codes highlights the urgent need for banks and telecom operators to resolve their disputes. Consumers are advised to stay informed and explore alternative banking options to avoid disruptions.
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