Four major banks risk USSD disconnection today over unpaid debts to telcos

THE GUARDIAN

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Four major banks are on the brink of having their Unstructured Supplementary Service Data (USSD) services cut off today due to unpaid debts to telecom operators.

Despite a January 15, 2025, warning from the Nigerian Communications Commission (NCC), which granted operators the green light to disconnect the banks over outstanding payments, these financial giants have yet to meet their obligations, risking widespread disruption to mobile banking services that millions of Nigerians rely on daily.

As of the close of work on Friday, January 24, the four banks had yet to make substantial commitments towards repaying the debt. Nine banks were flagged when the Commission issued the January 15 notice. However, The Guardian reliably learnt from an NCC source that four banks still have outstanding payments.

This was confirmed by the Chairman of the Association of Licensed Telecoms Operators of Nigeria (ALTON), Gbenga Adebayo, who noted that while some banks had responded since the notice was issued, several banks have yet to comply.

However, the NCC source and Adebayo could not confirm the amount received as of the weekend, as funds are still being processed and collated. Information also revealed that some of the owing banks have shifted their stance and are now negotiating, unlike before when they were defiant in the face of the impending sanctions.

While the NCC’s intervention may have caused some Deposit Money Banks (DMBs) to reconsider their positions, a document from the Commission showed that the USSD debt stood at N160 billion as of November 2024.

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