Several banks risk being disconnected by telecom operators for failing to comply with the Nigerian Communications Commission's (NCC) directive to settle ₦250 billion in USSD debts.
The NCC has reportedly approved the suspension, which will last two weeks, giving customers time to migrate to compliant banks. Sources indicate the move aims to enforce accountability and protect telecom operators' revenue from USSD services.
Last year, the NCC and the Central Bank of Nigeria (CBN) issued some circulars, directing the banks to offset their debts.
The most recent circular directed all banks to pay ₦212.5 billion—85 percent of a ₦250 billion debt—as stipulated in a December 20 memo.
However, as of January 1, only four banks had complied with the directive, while 18 others refused to pay, giving various excuses for not paying the debt.