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Nigerian Banks Rush to Settle ₦160 Billion USSD Debt as NCC Deadline Looms

As the NCC’s January 27 deadline approaches, five Nigerian banks begin settling their ₦160 billion USSD debt to telecom operators.
Nigerian banks USSD debt

Following the Nigerian Communications Commission’s (NCC) January 27 deadline to disconnect banks owing ₦160 billion in Unstructured Supplementary Service Data (USSD) debt, five of the nine defaulting banks have made partial payments.

In a notice dated January 15, the NCC warned that non-compliance would lead to the disconnection of USSD platforms for affected banks. The debt, which has accumulated since 2019, has become a pressing issue between banks and telecom operators.

The defaulting banks include Wema Bank (*945#), Zenith Bank (*966#), Fidelity Bank (*770#), First City Monument Bank (*329#), Jaiz Bank (*773#), Polaris Bank (*833#), Sterling Bank (*822#), United Bank for Africa (*919#), and Unity Bank (*7799#).

NCC’s Director of Public Affairs, Reuben Muoka, confirmed that the commission is committed to enforcing its January 15 directive. “Consumers may be unable to access the USSD platform of the affected financial institutions from January 27, 2025, if payments are not completed,” he stated. He further noted that the banks’ failure to comply with the joint circular from the Central Bank of Nigeria (CBN) and NCC means they risk losing their USSD code licenses, which are vital for customer transactions.

Background of the Debt Crisis

The debt stems from unresolved disputes over USSD infrastructure charges between banks and telecom operators. The CBN and NCC mandated banks to pay 85% of outstanding invoices dating back to February 2022 by December 31, 2024. While nine of the 18 banks initially owing have cleared over 90% of their debts, others remain in default.

USSD services are critical for millions of Nigerians who rely on them for seamless banking, especially in areas with limited internet access. Disconnection of these platforms would severely disrupt financial transactions, including mobile banking and bill payments.

Industry observers predict more banks will make payments as the January 27 deadline nears to avoid service disruptions that could alienate customers and damage their reputations. With NCC’s determination to enforce the directive, the stakes are high for the remaining defaulting banks.

The resolution of this issue is crucial not only for restoring trust between banks and telecom operators but also for maintaining the integrity of Nigeria’s financial ecosystem. As the situation unfolds, customers are urged to stay informed about the status of their bank’s USSD services.

This development highlights the importance of collaboration and accountability in Nigeria’s financial and telecommunications sectors to ensure uninterrupted access to essential services for all.

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