CBN Introduces New Charges for USSD Services

Whatsapp News

will now pay for using the Unstructured Supplementary Service Data services (USSD).

This comes after the The Central Bank Nigeria on Tuesday introduced charges for customers using USSD services.

The apex bank said effective Tuesday, customers will pay a flat fee N6.98 per transaction every time they use USSD services.

It said the charges part the agreement reached when banks and telecommunication met on Monday discuss the N42bn debt owed by banks.

This contained in a statement released on Tuesday and jointly signed by the apex bank’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Affairs, Nigerian Communications Commission, Ikechukwu Adinde.

It partly read, “We are pleased announce after comprehensive deliberations on the key issues, a resolution framework acceptable all parties agreed thus:

“Effective March 16, 2021, USSD services for financial transactions conducted at DMBs (Deposit Money Banks Business) 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 of sessions per transaction.

“To promote transparency in its administration, the USSD charges will be collected on behalf of MNOs ( Network ) directly customers’ bank accounts. Banks shall not impose additional charges on customers for us of the USSD channel.”

The Federal Government had last week asked telecommunication operators to put on , impending suspension of USSD services over a N42bn debt owed by banks.

Minister of Communications and Digital Economy, , had convened a meeting with financial institutions and network operators on Monday.

The CBN said the new fee was part of the resolution reached at the meeting.