Joy Agwunobi
At least five out of nine banks owing telecommunications companies a total of N160 billion in Unstructured Supplementary Service Data (USSD) debts have started making payments, following a disconnection deadline issued by the Nigerian Communications Commission (NCC).
The deadline, which expired on January 27, stemmed from the NCC’s notice on January 15, warning that it would restrict the USSD services of the defaulting banks if the debts were not cleared.
The affected banks 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.
A source at the NCC revealed that most of the banks had begun responding to the directive.
“Only four or fewer banks are yet to pay. They have been responding since the announcement, and progress is being made,” the source stated.
However, some industry insiders noted that a number of the banks still have outstanding debts to clear.
The USSD payment dispute, which has lingered since 2019, escalated to the point where the Central Bank of Nigeria (CBN) and the NCC had to intervene. In a memo dated December 20, 2024, the two regulatory bodies mandated banks to settle 85 per cent of their outstanding invoices by December 31, 2024. By that deadline, some banks complied, others fell short, prompting the NCC to set the January 27 ultimatum.
The NCC also emphasised that banks failing to comply with the directive risk losing their USSD codes, which are vital for providing seamless banking services.
The USSD remains a critical platform for financial transactions in Nigeria, serving as a lifeline for millions who rely on the service for essential banking activities.
