The Nigerian Communications Commission has approved telcos’ decision to suspend USSD services for nine banksThe banks owe N160 billion, an amount that has accumulated since 2019, and the telcos are demanding their moneyCBN data show that the total transaction value via USSD was £2.19 trillion between January and June 2024
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The use of Unstructured Supplementary Service Data (USSD) platforms has been very important to the Central Bank of Nigeria’s (CBN) push for a cashless economy.
USSD is the platform through which bank customers can access financial services on their phones without the need for the Internet.
NCC approves the disconnection of USSD services of 8 banks
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However, this initiative is threatened due to ongoing disputes between Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) over outstanding debts.
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Banks debt
Since 2019, nine banks have been unable to settle an accumulated debt of N160 billion, BusinessDay reports.
Initially, the list was 18 banks before the Nigerian Communications Commission (NCC) announced that that nine of these banks have paid, while another nine are yet to pay.
The nine bank customers yet to pay now face being cut off from USSD services by Monday, January 27, 2025
According to the NCC, telcos will disconnect the USSD access of these banks, if they do not pay their debt.
The NCC said.
“In fulfilment of its consumer protection mandate, the Commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025.”
The banks yet to pay and risk having their USSD service disconnected include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.
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Here are their USSD codes:
Fidelity Bank Plc *770#First City Monument Bank *329#Jaiz Bank Plc *773#Polaris Bank Limited *833#Sterling Bank Limited *822#United Bank for Africa Plc *919#Unity Bank Plc *7799#Wema Bank Plc *945#Zenith Bank Plc *966#
Services on USSD codes
Here is a list of services the affected customers are set to miss from January 27.
Services available through USSD codes Checking your bank balanceRequesting a new cardBlocking a cardChanging your cardRequesting a statementTransferring fundsRecharging for a third partyPaying billsOpening a bank account
How Does USSD Work?
To use the USSD code for any bank transaction, you must activate the code on your mobile phone using your choice phone number.
Most banks require you to register for a new account or have an old bank account with them before you can access those financial services.
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After this, a user sets up a 4 or 5-digit transaction PIN to authorize all transactions. This PIN would also serve as a shield to prevent impersonators or fraudsters from accessing your account.
GT bank confirms system upgrade
Henzodaily.ng reported that Guaranty Trust Bank (GTBank) also fully transitioned to a new finacle core banking application systems suite.
The bank announced the completion of the transition in a message to customers.
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Source: Henzodaily.ng