NCC Cracks Down on Banks Over Unpaid USSD Debts
In a move to recover outstanding debts, the Nigerian Communications Commission (NCC) has ordered telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine banks. The affected banks have until January 27, 2025, to settle their debts or risk losing access to their USSD codes ¹.
The NCC’s directive, signed by Reuben Muoka, Director of Public Affairs, follows a backlog of unpaid debts owed by the banks to Mobile Network Operators (MNOs). Some of these invoices have remained unpaid since 2020. The total amount owed by the financial institutions exceeds N200 billion, with nine out of 18 banks failing to comply with regulatory directives.
The Affected Banks
The nine banks facing disconnection are:
– _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_
– _Zenith Bank Plc_
*What This Means for Consumers*
If the affected banks fail to settle their debts, consumers may face service disruptions, including inability to access USSD platforms. The NCC has emphasized that the financial institutions have been duly notified of the need for immediate compliance.
The regulator’s move aims to protect consumers and ensure that banks comply with regulatory directives. With the deadline looming, it remains to be seen how the affected banks will respond to the NCC’s directive.