Telecommunication companies in Nigeria, under the directive of the Nigerian Communications Commission (NCC), will suspend USSD services for nine banks starting January 27, 2025, due to an unresolved debt of N160 billion that has accumulated since 2019. The affected banks include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank, Sterling Bank, United Bank for Africa, Unity Bank, Wema Bank, and Zenith Bank, with their respective USSD codes set to be deactivated. The NCC emphasized that this move aligns with its consumer protection mandate, warning customers about potential disruptions in accessing banking services via USSD.
Previously, telecom operators threatened to cut off 18 banks due to a total debt of N200 billion. However, as of January 15, nine banks have cleared their dues, reducing the debt to N160 billion. The NCC has urged the remaining banks to settle their debts promptly to avoid the impending suspension. This action highlights the growing tension between telecom providers and financial institutions over unpaid charges for USSD services, which are vital for banking transactions across Nigeria.
If the disconnection proceeds, millions of customers relying on USSD platforms for financial transactions could face significant inconveniences. This situation underscores the urgent need for a resolution between the telecom sector and the banking industry to maintain uninterrupted access to critical financial services for consumers nationwide.