The Central Bank of Nigeria and the Nigerian Communication Commission has announced that effective from today, March 16th 2021, USSD services for financial transactions conducted at deposit money banks and all CBN licensed institutions will be charged at a flat fee of N6.98 kobo per transaction.
This replaces the current per session billing structure ensuring a much cheaper average cost for customers to engage financial inclusion.
To promote transparency in its administration, the new USSD charges will be collected on behalf of mobile network operators directly from customers’ bank accounts.
Bank shall not impose additional charges on customers for the use of the USSD channel.
Prior to the intervention of the CBN, telecomm operators have threatened to withdraw their USSD services to banks due to the N42bn debt owed.
The realms beyond are not always what we’ve been told…
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