Prominent Banks Feature as NCC Finally Releases Names, Deactivated USSD Codes by Telcos
- The Nigerian Communications Commission (NCC) have finally released the names and USSD codes of the nine deactivated banks
- The Commission said beginning January 27, 2025, the USSD access to the nine listed banks will cease to work
- The list by NCC contains the names and USSD codes of prominent banks with a total of N160 billion in debt
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Telecommunication companies will deactivate the USSD codes of nine banks because they cannot settle the N160 billion debt they have accrued in the past five years.
The Nigerian Communications Commission (NCC) on Wednesday, January 15, 2025, listed the names of the banks and their codes, such as Fidelity Bank, with a USSD code of 770, FCMB, with 329; Jaiz Bank, with 773, and Polaris Bank, with 833.
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Names and codes of affected banks
Other banks are Sterling Bank with 822 USSD code, UBA 919, Unity Bank with 945 USSD code, and Zenith Bank with 966.
The NCC said the telcos will deactivate the USSD access of the listed banks by Monday, January 27, 2025, if they fail to repay their debt.
NCC said:
“In fulfilment of its consumer protection mandate, 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.
Nine banks settle their USSD debt
Legit.ng reported that the telecom companies notified Nigerians that they would deactivate the USSD access of 18 banks due to their inability to repay the debt.
However, the NCC said nine of the 18 banks have paid, while the listed nine have yet to settle their debt, stating that their debts now amount to N160 billion.
The telcos gave notice to disconnect the operation of the bank's USSD in two weeks. The bank had over N250 billion in debt.
USSD transactions decline in 2024
USSD transactions, valued at N1.19 trillion by the Central Bank of Nigeria (CBN) from 252.06 million transactions recorded in the first half of 2024, may be threatened.
The data represents 12 billion daily USSD transactions, and the impending disconnection threatens Nigeria’s quest for financial inclusion.
Despite USSD transactions initially targeting areas with low internet access and feature phone users, the decline in digital banking service may have raised the USSD adoption rate among bank users.
Barring last-minute intervention, USSD suspension service is expected to kickstart in two weeks due to banks’ failure to comply with the December 20, 2024, joint directive of the CBN and the Nigerian Communications Commission (NCC), requiring financial institutions to pay part of the N250 billion debt by December 31, 2024.
FG moves to blacklists 18 banks over N250bn debt
Legit.ng earlier reported that there are signs that the Nigerian government will list the names of 18 banks owing about N200 billion in USSD debt to telecommunication companies.
The reason for the name and shame is that telecom companies halt further services to banks, stopping their customers from carrying out online transactions.
According to reports, the Nigerian Communications Commission (NCC) has approved the publication of the banks’ names and asked telcos to withdraw their services after two weeks.
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Source: Legit.ng
