Nine banks have commenced clearing of debts to telecommunication network operators for the Unstructured Supplementary Service Data (USSD) services.
Recall, the Nigerian Communications Commission had granted permission to telecommunications companies to disconnect the USSD codes assigned to nine financial institutions due to unpaid debts in the sum over N160 billion.
According to the directive in a public notice signed by Reuben Muoka, NCC’s director of Public Affairs, the affected banks were expected to settle their outstanding obligations by January 27, 2025, or risk losing access to their USSD codes.
The banks, which were at risk of disconnection due to a N160bn debt, have made substantial progress in clearing their liabilities, ensuring continued access to the USSD platform—vital for customers without internet access.
These codes, essential for enabling mobile banking services, could be reassigned to other applicants if the debts remain unresolved.
Engineer Gbenga Adebayo, chairman of the Association of Licensed Telecommunications Operators of Nigeria, confirmed at a Telecoms CEO forum in Lagos that the matter had been de-escalated.
In his words: “The matter has been de-escalated. Money has been paid, and we are making progress thanks to the regulators,” he said.
The nine banks that would have been affected by the NCC’s disconnection notice include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.
The dispute began in 2019 when banks started incurring charges for using USSD services provided by telecom companies. However, many banks struggled to settle the charges, causing the debt to accumulate.
