N120bn Debt: Banking transactions in danger as NCC approves USSD disconnection
The Nigerian Communications Commission (NCC) has approved the disconnection of Unstructured Supplementary Service Data (USSD) codes of nine commercial banks by Mobile Network Operators (MNOs) including MTN, Airtel, Globacom, and 9mobile.
This decision follows years of disputes over unpaid debts owed by the banks to the telecom operators for USSD services.
The affected banks—First City Monument Bank (FCMB), Zenith Bank, Sterling Bank, Jaiz Bank, UBA, Polaris Bank, Unity Bank, Fidelity Bank, and Wema Bank—have been given a two-week grace period to settle their debts.
If no resolution is reached, millions of Nigerians could lose access to USSD services, which are critical for mobile banking transactions.
In a notice issued on Wednesday, the NCC highlighted that the banks owe telecom operators a cumulative debt that dates back to 2020. As of January 2025, this debt has grown to an estimated N120 billion.
According to the NCC, the affected banks have not complied significantly with the directives outlined in a joint circular issued by the NCC and the Central Bank of Nigeria (CBN) in December 2024.
The circular required banks to settle a portion of their outstanding invoices and agree to structured payment plans. The failure to comply not only puts the banks at risk of losing access to USSD services but also affects their standing for renewing the USSD codes.
The NCC noted that in line with its 2023 Guidelines on Short Code Operation in Nigeria, it would recover and potentially reassign these codes to other applicants if the debts remain unpaid.
