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CBN Imposes 7 Naira Charge On USSD Transaction Services

The Central Bank of Nigeria (CBN) on Tuesday, introduced new charges for customers using Unstructured Supplementary Service Data (USSD) services.

In a joint statement issued, Central Bank of Nigeria and Nigerian Communications Commission on the Pricing of Unstructured Supplementary Service Data (USSD) Services’, the CBN said under the policy which took immediate effect, customers will pay a flat fee of N6.98 per transaction every time they use USSD services.

The release was jointly signed by CBN’s Acting Director of Corporate Communications, Osita Nwanisobi and Director of Public Affairs at Nigerian Communications Commission (NCC), Ikechukwu Adinde.

According to the release, the new charges was part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42 billion debt owed mobile operators by banks.

“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,” the statement partly read.

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