The Central Bank of Nigeria (CBN) in collaboration with the Nigerian Communications Commission (NCC) has announced the introduction of new charges for customers for the Unstructured Supplementary Service Data (USSD) services, which would be effective from March 16.
This decision was conveyed to Nigerians in a joint statement issued on Tuesday by the CBN and the NCC on the pricing of USSD services posted on the apex bank website.
The statement was signed by the CBN’s acting Director, Corporate Communications, Mr. Osita Nwanisobi, and NCC Director, Public Affairs, Mr. Ikechukwu Adinde.
It said effective March 16, USSD services for financial transactions conducted at Deposit Money Banks (DMBs) and all CBN-licenced institutions would be charged at a flat fee of N6.98 per transaction.
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‘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,’ it said.
The statement said the new charges as part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42 billion debt owed mobile operators by banks.
It added that plan for outstanding payments incurred for USSD services, previously rendered by the MNOs, was being worked out by all parties in a bid to ensure that the matter was fully resolved.
The statement equally reminded the general public that the USSD channel was optional, as several alternative channels such as mobile apps, internet banking, and ATMs may be used for financial transactions.
‘The CBN and NCC shall continue to engage relevant operators and all stakeholders to promote cheaper, seamless access to mobile and financial services for all Nigerians,‘ it stated.
Nigerians have taken to social media to lambast the nation’s Apex bank stating that the new charges were uncalled for and unwarranted warning the bank to reverse the policy.
AFRICA TODAY NEWS, NEW YORK