CBN Imposes N6.98 Charges For Bank Customers Using USSD Services

The Central Bank of Nigeria (CBN) has introduced new charges for Nigerian Banks‘ customers using the Unstructured Supplementary Service Data (USSD) services.

Brandnewsday understands that the CBN disclosed that starting from today, Tuesday, bank customers will pay a flat fee of N6.98 on every transaction whenever customers use the USSD services.

Recall that the Association of Licensed Telecommunication Operators of Nigeria (ALTON), announced that its members will on Monday withdraw their USSD services to financial institutions.

ALTON disclosed that they will stop providing their services for Nigerian financial institutions due to their gigantic debt, accumulated to the tune of N42 billion naira.

This was contained in a statement issued by ALTON and signed by its Chairman, Gbenga Adebayo and its Head of Operations, Gbolahan Awonuga on Friday, March 12, 2021.

However, the Federal Government appealed to the telecommunication operators to put on hold, their impending suspension of USSD services over the enormous debt owed by banks.

CBN Imposes N6.98 Charges For Bank Customers Using USSD Services

Moving forward, the charges were part of the agreements after banks and telecommunication operators met on Monday to discuss the N42bn debt owed mobile operators by banks.

READ: Telecom Firms To Ban Banks’ USSD Code Services From Working (See Why)

Meanwhile, in a statement 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, explained: “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 use of the USSD channel.”