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The Central Bank of Nigeria (CBN) has levied a?6.98 service fee on all USSD transactions in Nigeria.
Customers will pay a flat rate of N6.98 per transaction while using USSD services starting March 16, according to a statement jointly signed by the apex bank and the Nigerian Communications Commission (NCC) and published today March 16.
The arrangement was concluded after a dispute between banks and telecom companies about USSD and other text message transaction demands.
“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,” 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 statement in part reads
The CBN said the charges were part of the agreements after banks and telecommunication operators met on Monday March 15, to discuss the ₦42bn debt owed mobile operators by banks.
The Federal Government had last week asked telecommunication operators to put on hold, their impending suspension of USSD services over the debt owed by banks.