CBN Imposes ₦6.9 Fee On USSD Transactions

The charges, according to the CBN, were part of the agreements reached after banks and telecommunications firms met on Monday
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Central Bank Of Nigeria (CBN)

For all USSD transactions, the Central Bank of Nigeria (CBN) has placed a 6.98 service fee on Nigerians.

Customers will pay a flat fee of N6.98 per transaction starting March 16 when they use USSD services, according to a joint statement released on Tuesday by the apex bank and the Nigerian Communications Commission (NCC).

The agreement was reached with banks after a dispute between banks and telecom firms over USSD and other text message transaction demands, according to the apex bank.

“Effective March 16, 2021, USSD services for financial transactions conducted at Deposit Money Banks (DMBs) and all CBN-licensed institutions will be charged at a flat fee of N6.98 per transaction,” the statement partly read.

“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.”

The charges, according to the CBN, were part of the agreements reached after banks and telecommunications firms met on Monday to negotiate a $42 billion debt owed by banks to mobile operators.

Last week, the federal government requested telecommunications companies to postpone their planned suspension of USSD services due to bank debt.