The Nigerian Communications Commission (NCC) issued this directive in a public notice signed by its Director of Public Affairs, Reuben Muoka, stating that the affected banks must settle their obligations by 27th January 2025 to retain their USSD codes.
Fidelity Bank Plc, United Bank for Africa Plc, and seven other financial institutions risk losing their Unstructured Supplementary Service Data (USSD) codes due to outstanding debts.
The Nigerian Communications Commission (NCC) issued this directive in a public notice signed by its Director of Public Affairs, Reuben Muoka, stating that the affected banks must settle their obligations by 27th January 2025 to retain their USSD codes.
The NCC emphasised, “By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020.”
The codes, critical for mobile banking services, could be reassigned to new applicants if debts remain unsettled.
Some unpaid invoices date back to 2020, highlighting a long-standing financial dispute between banks and telecom operators.
The NCC also warned consumers: “In fulfilment of its consumer protection mandate, the commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025.”
The total debt initially exceeded N200 billion, although the current amount was undisclosed. Meanwhile, other banks have settled their debts.
USSD services, originally created for telecom-related operations, now serve as a vital banking tool, enabling offline financial transactions.
Between January and June 2024, 252.06 million USSD transactions valued at N2.19 trillion were conducted, underscoring its significance.
However, unresolved disputes could disrupt banking services for millions of Nigerians.