NEWS

Dem Don Start Again! CBN Introduces N6.98 Charge On Every USSD Transactions

The Central Bank of Nigeria (CBN) has introduced new charges for customers using the Unstructured Supplementary Service Data services (USSD).
CBN stated that from Tuesday; bank customers will pay N6.98 per transaction every time they use USSD codes to perform transactions.

The charges were part of the agreements after banks and telecommunication operators met on Monday to discuss the N42bn debt owed to mobile operators by banks.

A statement issued on Tuesday stated;

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 therefore 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.

Federal Government previously asked telecommunication operators to put on hold, their impending suspension of USSD services over N42bn debt banks owed.

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Nigeria
Total cases

163,000
Recovered

154,000
Deaths

2,058
Worldwide
Total cases

134,000,000
Recovered

76,000,000
Deaths

2,900,000
NCDC
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