CBN introduces N6.98 on every USSD transaction

The Central Bank of Nigeria (CBN) has introduced new charges for customers using the Unstructured Supplementary Service Data (USSD) services. However, the apex bank has announced that from Tuesday, customers will pay N6.98 per transaction every time they use USSD services.

It was contained in a statement released on Tuesday 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 was titled, ‘Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of Unstructured Supplementary Service Data (USSD) Services’.

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The new charges were part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42bn debt owed mobile operators by banks.

“To resolve the lingering dispute and ensure uninterrupted services to customers on this channel, the Honorable Minister for Communications and Digital Economy on March 15, 2021, chaired a meeting of key stakeholders to discuss an amicable resolution in the interest of the general public.

” Represented at the meeting were the various MNOs, Association of Licensed Telecoms Operators of Nigeria (ALTON), Association of Telecommunications Companies of Nigeria (ATCON), DMBs (represented by the Chairman, Body of Bank CEOs) and the sector regulators — Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC).

“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 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 directly from customers’ bank accounts.

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“DMBs and MNOs are committed to engaging further on strategies to lower cost and enhance access to financial services.

“With the above resolutions, the impending suspension of DMBs from the USSD channel is hereby vacated. Therefore, DMBs shall no longer be disconnected from the USSD channel.”