The Central Bank of Nigeria (CBN) has announced new charges for customers using the Unstructured Supplementary Service Data (USSD) services.
Beginning from Tuesday, 16 March, 2021, bank customers will now pay N6.98 per transaction every time they use USSD services.
The rate was arrived at after a meeting of all stakeholders, including the telecom operators, banks and regulators, among others.
The statement making the announcement was jointly signed by CBN’s Acting Director, Corporate Communications, Osita Nwanisobi and Director, Public Affairs, Nigerian Communications Commission (NCC), Ikechukwu Adinde.
“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,” it read in part.
The statement added that “this approach is transparent and will ensure the amount remains the same, regardless of the number of sessions per transaction.”
