Due to a backlog of unpaid debts, the Nigerian Communications Commission (NCC) has instructed telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine financial institutions.
Part of the notice read, “By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020.”
It added, “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.”
The NCC stressed that financial institutions had been properly informed about the urgent need for compliance and cautioned that consumers could experience service disruptions if the issues are not addressed promptly.
In the meantime, data from the CBN showed that between January and June 2024, a total of 252.06 million transactions, amounting to N2.19 trillion, were processed through USSD.