The Central Bank of Nigeria (CBN) on Tuesday introduced new charges for customers using the Unstructured Supplementary Service Data services, popularly known as USSD code.
This followed last week’s quest by service providers to stop the service following issues with banks
In the new charges released by the CBN, customers will pay a flat fee of N6.98 per transaction every time they use USSD services.
Also Read: End cries of marginalization, develop Ala Igbo – Amaechi, Anyim, Utomi, Nwuche say
Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde, in a joint statement explained: “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 us of the USSD channel.”
