CBN Officially Introduces N6.98 Charges For USSD Services

 

The Central Bank of Nigeria (CBN) has introduced new charges for customers using the Unstructured Supplementary Service Data services.

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

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.

A statement on Tuesday and jointly signed by means of the apex financial institution’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde, defined: “We are pleased to announce that when comprehensive deliberations on the important thing issues, a decision framework acceptable to all events become agreed therefore:

“Effective March sixteen, 2021, USSD services for monetary transactions conducted at DMBs (Deposit Money Banks) and all CBN-certified institutions could be charged at a flat rate of N6.Ninety eight per transaction.

“This replaces the modern in keeping with session billing shape, making sure a far inexpensive average fee for customers to beautify financial inclusion.

“This technique is obvious and will make certain the amount remains the equal, irrespective of the variety of sessions in keeping with transaction.

“To sell transparency in its administration, the brand new USSD expenses may be accrued on behalf of MNOs (Mobile Network Operators) without delay from clients’ bank money owed. Banks shall now not impose extra fees on clients for us of the USA channel.”

The Federal Government closing week requested telecommunication operators to position on maintain, their forthcoming suspension of USSD offerings over N42bn debt owed through banks.