Thursday, 16 January 2025 04:58

USSD debt: NCC approves disconnection of FCMB, Zenith, 7 other banks

Rate this item
(0 votes)

The Nigerian Communications Commission (NCC) has authorized Mobile Network Operators (MNOs) – MTN, Airtel, Globacom, and 9mobile – to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine commercial banks over unpaid debts.

The affected banks include First City Monument Bank (FCMB), Zenith Bank, Sterling Bank, Jaiz Bank, UBA, Polaris Bank, Unity Bank, Fidelity Bank, and Wema Bank. This decision stems from years of complaints by telecom operators regarding the banks’ failure to pay for USSD services, despite charging their customers for the platform.

If the disconnection goes into effect, millions of customers of these banks will lose access to USSD services, making it impossible to perform transactions through the platform.

Two-Week Ultimatum

In a notice issued on Wednesday, the NCC gave the banks a two-week grace period to settle their debts. If they fail to comply by January 27, 2025, their USSD codes will be withdrawn and could be reassigned to other entities.

The notice, signed by Reuben Muoka, the NCC’s Director of Public Affairs, stated:

“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. This action is in line with the Commission’s Guidelines on Short Code Operation in Nigeria, 2023.”

Non-Compliance and Debt Accumulation

The NCC revealed that out of 18 financial institutions, only the nine listed banks have failed to comply significantly with the directives of the Second Joint Circular issued by the Central Bank of Nigeria (CBN) and the NCC on December 20, 2024. Some of these debts have been outstanding since 2020.

The circular outlined the settlement of outstanding invoices owed to the telecom operators. Failure to meet these obligations disqualifies the banks from fulfilling the Good Standing requirements necessary for the renewal of their USSD codes.

The NCC emphasized the urgency of immediate compliance to avoid service disruption, urging the banks to resolve their outstanding debts promptly.

March 10, 2025

30% of Nigeria’s small and medium businesses shut down due to unfavorable economic conditions, NESG…

The Nigerian Economic Summit Group (NESG) has revealed that 30% of Nigeria’s 24 million registered…
March 07, 2025

Natasha suspended from Senate amid sexual harassment allegations against Senate President Akpabio

The Nigerian Senate has suspended Natasha Akpoti-Uduaghan, representing Kogi Central, for six months without pay…
March 09, 2025

‘One of the most powerful antidotes to loneliness,’ from U.S. Surgeon General

Every year in January, I tell myself I’ll spend less on dinners out, read more,…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 09, 2025

CJN reassigns Nnamdi Kanu’s case following court outburst

Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), has thanked the Chief Justice…
March 10, 2025

What to know after Day 1110 of Russia-Ukraine war

WESTERN PERSPECTIVE Russian forces take three new settlements in drive to oust Ukrainian forces in…
February 24, 2025

How AI is affecting the way kids learn to read and write

Kayla Jimenez For Lisa Parry, a 12th grade teacher in South Dakota, the students' essays…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.