As the Nigerian Communications Commission’s (NCC) January 27 deadline expired, five of the nine indebted banks have begun settling their longstanding N160 billion debt over Unstructured Supplementary Service Data (USSD) infrastructure costs. This development signals progress in resolving a protracted dispute that has threatened mobile banking services in Nigeria.
The NCC had earlier warned in a January 15 notice that defaulting banks would face disconnection from USSD services, a move that could disrupt financial transactions for millions of Nigerians reliant on the platform for essential banking activities.
Among the banks affected are Fidelity Bank Plc, First City Monument Bank, Zenith Bank Plc, Wema Bank Plc, and United Bank for Africa Plc. According to an NCC source, most of the banks have started complying with the directive. “Only four or fewer banks are yet to pay. They have been responding since the announcement, and progress is being made,” the source said.
Despite the recent payments, some industry insiders highlighted that several banks still have outstanding debts to clear.
The USSD debt dispute, which began in 2019, arose from disagreements between banks and telecom operators over payment obligations for USSD infrastructure usage. Efforts to resolve the impasse intensified following the intervention of regulatory authorities, including the Central Bank of Nigeria (CBN) and the NCC.
The resolution of this issue is critical for ensuring uninterrupted access to mobile banking services and maintaining trust in Nigeria’s financial and telecommunications sectors.
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Olawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.
