The Nigerian Communications Commission has authorized telecom operators to disconnect the USSD codes of nine banks over unpaid debts.
Nigerian Communications Commission Warning
The NCC has notified that 9 out of 18 banks have not complied with directives to settle USSD debt. The list includes Fidelity Bank and First City Monument Bank.
As of January 14, 2025, nine financial institutions have failed to comply significantly with the directives from the Central Bank of Nigeria and the commission.
USSD Debt Dispute
A conflict over a NGN 250 billion debt has been ongoing for years. Operators threatened to cut USSD services, impacting financial transactions for users.
We are seeing payments from smaller players, but the big banks, which owe the most, have not been forthcoming. We are waiting for intervention from regulators.Gbenga Adebayo
Consequences of Non-compliance
The NCC has warned that banks need to comply with guidelines, or they may lose USSD platform access by January 27, 2025. They might also face restrictions on code renewals.
Failure to meet directives might result in USSD service disconnection, affecting users' access to financial services.
