The Nigerian Communications Commission, NCC, has published the list of Deposit Money Banks owing telecommunications companies over the Unstructured Supplementary Service Data codes assigned to them.
The banks include Wema Bank Plc, Sterling Bank, Jaiz Bank, Fidelity Bank Plc, First City Monument Bank, Polaris Bank Limited, United Bank for Africa Plc, Unity Bank Plc, and Zenith Bank Plc.
The NCC made the disclosure in a Tuesday public notice signed by NCC’s Director of Public Affairs, Reuben Muoka.
The telecom regulator said affected banks must settle their outstanding obligations by January 27, 2025, or risk losing access to their USSD codes.
The affected USSD codes include 770, 919, and 822, among others.
These codes, essential for enabling mobile banking services, could be reassigned to other applicants if the debts remain unresolved.
The commission revealed that, as of Tuesday’s close of business, nine out of 18 financial institutions had not complied with regulatory directives.
While other banks have cleared their debts, 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.
According to the NCC, some of the unpaid invoices have remained unpaid since 2020, indicating a prolonged financial dispute between the banks and telecom operators.
The regulator noted that banks’ failure to comply with the CBN-NCC joint circular also means that they are unable to meet the good standing requirements for the renewal of the USSD codes assigned to them by the commission.
