The Central Bank of Nigeria today (Tuesday) introduced a charge of N6.98 per transaction on any service done via the Unstructured Supplementary Service Data (USSD) services. The implementation of these charges takes immediate effect.
The apex bank who made this known today said the new charges was part of the agreement reached when banks and telecommunication operators met yesterday (Monday) to discuss the N42bn debt owed mobile operators by different deposit money banks.
This was contained in a statement entitled ‘Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of Unstructured Supplementary Service Data (USSD) Services’ which was released today and jointly signed by the apex bank’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde.
The statement read in part, “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.”
Azuka Edokobi is a Writer and Entrepreneur