The Nigerian Communications Commission (NCC) and telecommunications companies have ruled out extending the deadline for banks to settle their Unstructured Supplementary Service Data (USSD) debts. This decision has left defaulting banks scrambling to meet the January 27, 2025, deadline.

Initially, nine banks were in arrears, but by Friday, the number dropped to seven, according to telecom operators. By Monday morning, only two banks had made payments, while one more signaled its intention to comply by the close of business. This leaves six banks still in arrears.

The NCC issued the directive on January 15, 2025, warning that any bank failing to clear its debts by the deadline would lose access to USSD services. These services are vital for millions of Nigerians who rely on them for banking transactions without internet access.

Gbenga Adebayo, Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), confirmed the developments, emphasizing the importance of compliance. He explained that this is the first phase of a structured payment plan outlined in a December 20 memo from the NCC and the Central Bank of Nigeria (CBN).

The memo details a three-phase payment plan for settling the N250 billion USSD debt. The first phase requires banks to clear 60% of all outstanding pre-API invoices by January 2, 2025, with the final payment due by December 31, 2025.

Adebayo stated, “Failure to meet the deadline could lead to the disconnection of USSD services, a critical channel for mobile banking.” He also ruled out any extension, noting that such a decision would require joint approval from the NCC and CBN, which is unlikely.

Reuben Mouka, the NCC’s Director of Public Affairs, reiterated the January 27 deadline and urged defaulting banks to comply to avoid disruptions to mobile banking services, which are integral to the economy.

Telecom operators and regulators hope for full compliance to ensure uninterrupted digital services for millions of Nigerians who depend on mobile banking daily.