With a looming January 27 deadline, Nigerian banks are in a frantic race to settle a staggering N160 billion USSD debt owed to telecommunication companies. The Nigerian Communications Commission (NCC) had issued a stark warning: pay up or face disconnection, threatening to disrupt crucial banking services for millions of Nigerians.
Following the NCC’s public notice, five of the nine indebted banks have reportedly made payments, according to sources within the NCC. While some progress has been made, several banks are still scrambling to meet the deadline. The dispute, which has lingered since 2019, centers around payment for USSD infrastructure. The potential disconnection of USSD services, a vital payment gateway for many Nigerians, underscores the urgency of the situation.