The Central Bank of Nigeria (CBN), says Nigerians will now pay N6.98 service charge for USSD transactions, from March 16 2021.
The apex bank disclosed this in a statement jointly signed by the Nigerian Communications Commission (NCC).
The statement said the deal was part of an agreement reached with banks following a disagreement between Telecom firms and banks over USSD charges.
Part of the statement reads;
“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.”
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.”
