BREAKING: CBN introduces fresh charges for USSD services
Customers who use the Unstructured Supplementary Service Data services will face new charges, according to the Central Bank of Nigeria.
Customers would pay a flat rate of N6.98 per transaction if they use USSD services starting Tuesday, according to the apex bank.
The new charges, it said, were part of an agreement reached when banks and telecommunications operators met on Monday to discuss an N42 billion debt owed by banks to mobile operators.
The statement was signed by the apex bank’s Acting Director, Corporate Relations, Osita Nwanisobi, and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde.
The statement was titled, ‘Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of Unstructured Supplementary Service Data (USSD) Services’.
It partly 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 us of the USSD channel.”
Last week, the Federal Government requested telecommunication firms to delay their expected suspension of USSD services due to an N42 billion debt owed by banks.
On Monday, Isa Pantami, the Minister of Communications and Digital Economy, convened a meeting with financial institutions and mobile network operators.
The new charges, according to the CBN, were part of the meeting’s resolution.
