The Nigerian Communications Commission (NCC) and telecommunications companies have refused to extend the deadline for banks to clear their Unstructured Supplementary Service Data (USSD) debts. As of Friday, seven banks were still in arrears, with only two having made payments. By the close of business on Monday, one more bank had pledged to settle, leaving six banks at risk of losing access to USSD services essential for mobile banking transactions.
The directive, issued on January 15, 2025, outlines a structured repayment plan for the N250 billion USSD debt in three phases. The first phase requires banks to pay 60% of their pre-API invoices by January 2, while the second and third phases demand full settlement of pre-API invoices by July 2 and 85% of post-API invoices by December 31, respectively. Failure to comply could lead to the disconnection of USSD services, impacting millions of Nigerians who rely on mobile banking.
Gbenga Adebayo, Chairman of the Association of Licensed Telecommunications Operators of Nigeria, emphasized that non-compliance would have serious consequences. The NCC’s Director of Public Affairs, Reuben Mouka, reiterated that disconnections would proceed if banks failed to meet the deadline. Telcos now hold the authority to enforce service suspensions, with no plans for an extension unless jointly approved by the NCC and the Central Bank of Nigeria (CBN).
Source: PUNCH