Sunday, September 19, 2021
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New Charges for USSD Transactions Introduced by CBN

Last week, telecommunication companies were instructed by the Federal Government to put on hold, their impending suspension of USSD services over N42bn debt owed by banks.

Today, new charges for customers making transactions with USSD codes (Unstructured Supplementary Service Data) from various banks, was introduced by CBN.

According to the apex bank, the charges were part of the agreements after banks and telecommunication operators met on Monday to discuss the N42bn debt owed mobile operators by banks. As from today, customers will be charged a flat fee of N6.98 per transaction every time they use USSD services.

This recent development was made known through a statement by the bank’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde. The statement reads:

“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.”

More details to follow.…

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