
The Nigerian Communications Commission (NCC) is set to name and shame 18 banks for failing to settle N200bn in debts owed for Unstructured Supplementary Service Data (USSD) usage. The regulatory body has hinted at suspending USSD services for defaulters within two weeks, a move that could disrupt banking services for millions of Nigerians, especially those without internet access.
Out of the 22 banks involved, only four have adhered to the payment directive jointly issued by the NCC and the Central Bank of Nigeria (CBN) in December 2023. The directive required banks to pay 60% of outstanding pre-API (Application Programming Interfaces) debts by January 2, 2025, with the remaining payments to be negotiated.

Pre-API debts cover USSD charges accrued before February 2022, when APIs were introduced to streamline transaction management. Despite the critical economic role of USSD services, telecom operators are pushing for debt repayment to sustain operations.
Electronic payment data from the CBN reveals that between January and June 2024, over N2.19tn was transacted through 252.06 million USSD transactions, reflecting its growing significance in financial inclusion.
The NCC will accompany its announcement with guidance for affected customers, advising them on alternative banking options to minimize disruptions. Industry players urge regulators to resolve the long-standing dispute, as telecom operators have warned of the potential withdrawal of USSD services if debts remain unpaid.