The use of Unstructured Supplementary Service Data (USSD) platform 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.
However, this initiative is threatened due to ongoing disputes over outstanding debts between Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs).
Since 2019, nine banks have been unable to settle an accumulated debt of N160 billion, BusinessDay reports.
Initially, the list consisted of 18 banks before the Nigerian Communications Commission (NCC) announced that nine of these banks had paid, while another nine had 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.
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.
Here are their USSD codes:
Here is a list of services the affected customers are set to miss from January 27.
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.
After this, a user sets up a 4- or 5-digit transaction PIN to authorize all transactions. This PIN also serves as a shield to prevent impersonators or fraudsters from accessing the account.
TimesNow.com.ng reported that Guaranty Trust Bank (GTBank) fully transitioned to a new finacle core banking application systems suite.
The bank announced the completion of the transition in a message to customers.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
