The administration of President Bola Ahmed Tinubu is reportedly preparing to expose the names of 18 banks that collectively owe Nigerian telecom operators nearly ₦200 billion for Unstructured Supplementary Service Data (USSD) services.
According to Vanguard, these banks have consistently refused to settle the debt, which has been outstanding for several years.
The move appears aimed at prompting telecom operators to cut off USSD services, which enable customers to perform online banking transactions conveniently.
Telecom operators revealed that only four banks had made payments, while the remaining 18 have failed to honour their obligations, resulting in the accumulation of over ₦200 billion in debt over the past four years.
Gbenga Adebayo, Chairman of the Association of Licensed Telecoms Operators of Nigeria (ALTON) and spokesperson for the telecom operators confirmed to ThisDay that the Nigerian Communications Commission (NCC) had authorized the suspension of USSD services for these banks.
Initially, a two-week suspension will serve as notice to customers who rely on USSD codes for financial transactions.
Adebayo stated that after the suspension period, telecom operators would completely withdraw USSD services from non-compliant banks.
The decision, though difficult, aims to encourage affected customers to switch to banks that have adhered to the payment directive.
Importantly, the withdrawal will target only banks with outstanding debts, leaving compliant institutions unaffected.
