NCC to Name 18 Defaulting Banks Owing USSD N200bn Debts
The Nigerian Communications Commission (NCC) is set to publicly announce the identities of 18 banks that have not settled their outstanding debts for utilizing Mobile Network Operators’ Unstructured Supplementary Service Data (USSD) platforms.
These banks have forsaken all entreaties made by the NCC and CBN to settle their outstanding debt of N200 billion, which has made the NCC to now consider taking action, which may include suspending USSD services for the defaulting institutions.
Telecom operators have expressed concerns about the impact of the unpaid debt on the sustainability of USSD services and also threatened to withdraw the service.
It was gathered that only four banks have so far met the payment requirements drawn in a joint directive issued by the Central Bank of Nigeria and the NCC in December 2023.
This directive by the Central Bank of Nigeria and the NCC mandated that 60 percent of pre-API invoices should be settled by January 2, 2025, with payment plans agreed upon by the banks and MNOs has failed to yield the expected result as the remaining banks have failed to honour these payment obligations made by the regulators.
The service suspension on the defaulting banks which is expected to take effect in two weeks, could significantly impact Nigerians who rely on USSD services for banking transactions, particularly those without internet access.
It was gathered that in the public statement that the NCC will release, subscribers to these services will be given directives on how to switch to other banks, ensuring they can continue accessing banking services without disruption.
Gbenga Adebayo, chairman, of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), a few weeks ago accused the banks of intentionally frustrating any move to resolve the issue and threatened that the only option, since the banks have consistently failed to honour the agreements, would be to withdraw the support that gives the banks’ USSD platform life.
