The Nigerian Communications Commission (NCC) has issued a stern warning to nine financial institutions, authorizing telecommunications companies to disconnect their Unstructured Supplementary Service Data (USSD) codes due to outstanding debts.
In a public notice issued and signed by NCC Director of Public Affairs, Reuben Muoka, the regulator stated that affected banks must settle their debts by January 27, 2025, or face the consequences of losing access to their USSD codes. These codes, crucial for enabling mobile banking services, could be reassigned to other applicants if the outstanding obligations remain unresolved.
The notice revealed that, despite regulatory directives, nine out of 18 financial institutions had failed to settle their debts, which were reported to exceed N200 billion initially. While the exact amount currently owed by the affected banks was not disclosed, the NCC highlighted that some invoices have remained unpaid since 2020, indicating a prolonged dispute between the banks and telecom operators.
The NCC’s notice stated: “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 regulator emphasized that non-compliance with the CBN-NCC joint circular also disqualifies the banks from renewing their USSD code assignments.
The notice further stated: “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 affected financial institutions 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 NCC emphasized that the financial institutions had been duly notified of the need for immediate compliance and warned of potential service disruptions for consumers if the issue remains unresolved.
This action highlights the ongoing tension between telecommunications companies and financial institutions over unpaid USSD-related debts, a challenge that has persisted for years.
Despite this, USSD continues to play a significant role in the financial sector. Data from the CBN reveals that 252.06 million transactions worth N2.19 trillion were conducted via USSD between January and June 2024. This represents a significant growth compared to 2023 when 630.6 million transactions valued at N4.84tn were completed using USSD codes.
Originally designed for services like airtime purchases and subscriptions, USSD has evolved into a crucial tool for providing financial services to users without internet connectivity.

THE SUN