There are very strong indications that from 7 pm today, bank customers will not be able to access online banking transactions that depend on the Unstructured Supplementary Service Data, USSD, a platform to function.
The Nigerian Communications Commission, NCC, has given the telecom companies, and telcos, in Nigeria the go-ahead to withdraw their USSD services to the banks, following growing debt, which has accumulated to over N120 billion.
These transactions include fund transfers through shortcodes, and checking of bank details and account balances, among others done even without data or internet connections.
The Minister of Communications and Digital Economy had called a meeting between the NCC, telcos, and the banks on Thursday, hoping to find a middle ground, but the banks and their regulator shunned the meeting.
Apparently, for that reason, the Minister permitted the NCC to grant operators’ requests to disconnect the banks.