AGS NEWS – The Nigerian Communications Commission (NCC) will this week reveal the names of 18 banks that owe a combined N200bn for using Mobile Network Operators’ (MNOs) USSD platforms.

Only four banks have complied with a joint directive from the NCC and Central Bank of Nigeria (CBN) issued in December 2023, which required settling 60% of pre-API invoices by January 2, 2025.

These invoices represent debts accrued before the introduction of APIs in February 2022, a system that streamlined billing processes.

The NCC plans to suspend USSD services for the defaulting banks in two weeks, potentially affecting millions of Nigerians who rely on USSD for banking, especially those without internet access.

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Subscribers will receive guidance on switching to compliant banks to maintain access to banking services.

Telecom operators have long expressed concerns over the debt’s impact on USSD service sustainability. Despite threats to suspend services, MNOs have refrained due to USSD’s critical economic role.

Between January and June 2024, USSD transactions totaled N2.19tn, highlighting the platform’s importance.

While smaller banks have started repaying their debts, tier-one lenders remain the largest defaulters. The NCC’s action aims to resolve the ongoing dispute and ensure the telecom sector’s financial stability.