The Nigerian Communications Commission (NCC) has revealed that Sterling Bank, United Bank for Africa (UBA), and First City Monument Bank (FCMB) are among the banks owing telecommunications companies over Unstructured Supplementary Service Data (USSD) codes assigned to them.
According to the NCC, the affected banks must settle their outstanding obligations by January 27, 2025, or risk losing access to their USSD codes. The commission noted that some of the unpaid invoices have remained unpaid since 2020, indicating a prolonged financial dispute between the banks and telecom operators.
The NCC’s Director of Public Affairs, Reuben Muoka, on Tuesday in a public notice disclosed that nine out of 18 financial institutions had not complied with regulatory directives. The total amount initially owed by the financial institutions was reported to exceed N200 billion.
However, the regulator did not disclose the precise debt currently owed by the affected banks. The affected USSD codes include 770, 919, and 822, among others. These codes are essential for enabling mobile banking services and could be reassigned to other applicants if the debts remain unresolved.
The other banks on the list include Wema Bank Plc, Jaiz Bank, Fidelity Bank Plc, Polaris Bank Limited, Unity Bank Plc, and Zenith Bank Plc.
The potential loss of USSD codes could have significant implications for customers of the affected banks. Mobile banking services are a convenient way for customers to access their accounts and perform financial transactions.
If the affected banks lose access to their USSD codes, customers may experience difficulties in accessing their accounts and performing financial transactions. This could lead to frustration and inconvenience for customers.
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