On Tuesday, the Central Bank of Nigeria (CBN) announced new charges for customers using the Unstructured Supplementary Service Data (USSD) services.
In a statement released and jointly signed by CBN’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission (NCC), Ikechukwu Adinde said the new measure will be effective from Tuesday.
The statement read: “We are pleased to announce that after comprehensive deliberations on the key issues, a resolution framework acceptable to all parties was agreed thus:
“Effective March 16,2021, USSD services for financial transactions conducted at DMBs (Deposit Money Banks) and all CBN-licensed institutions will be charged at a flat fee of N6.98 per transaction. This replaces the current per session billing structure, ensuring a much cheaper average cost for customers to enhance financial inclusion. This approach is transparent and will ensure the amount remains the same, regardless of the number of sessions per transaction.
“To promote transparency in its administration, the new USSD charges will be collected on behalf of MNOs (Mobile Network Operators) directly from customers’ bank accounts. Banks shall not impose additional charges on customers for use of the USSD channel.”
The new charges were part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42 billion debt owed by banks.