CBN introduces N6.98 per transaction for USSD services

The Central Bank of Nigeria has introduced new charges for customers who use the Unstructured Supplementary Service Data services.

The directive taking effect from Tuesday means banks will charge a flat fee of N6.98 per transaction for USSD services.

It was part of the resolutions met as banks and telecommunication operators met on Monday to discuss the N42bn debt owed mobile operators by banks.

The CBN announced the directive in a statement titled, ‘Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of Unstructured Supplementary Service Data (USSD) Services’.

It partly read, “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 us of the USSD channel.”