Nigerians Will Now Pay N6.98 Every Time They Use USSD Services

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List of Bank Charges in Nigeria

Nigerians will now have to pay to access the Unstructured Supplementary Service Data USSD services like FIRST Bank’s 894 will now have to pay N6.98 for every transaction Processed.

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This comes after the Central Bank of Nigeria unveiled new charges for customers who use USSD services on Tuesday.

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Customers would pay a flat rate of N6.98 per transaction if they use USSD services starting Tuesday, according to the apex bank.

The new charges, it said, were part of an agreement reached when banks and telecommunications operators met on Monday to discuss an N42 billion debt owed by banks to mobile operators.

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This was stated in a joint statement signed by the apex bank’s Acting Director, Corporate Communications, Osita Nwanisobi, and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde, released on Tuesday.

“We are pleased to announce that, after extensive deliberations on the main issues, a resolution process satisfactory to all parties has been agreed,” it said in part.

“USSD services for financial transactions performed at DMBs (Deposit Money Banks Business) and all CBN-licensed institutions will be charged a flat fee of N6.98 per transaction beginning March 16, 2021. This would replace the existing per-session billing system, resulting in a significantly lower average cost for consumers, thus increasing financial inclusion. This method is straightforward, and regardless of the number of sessions per transaction, the sum will remain the same.

Nigerians to bear the Pains of USSD CBN said so?!

“To encourage accountability in its administration, the latest USSD charges will be received directly from consumers’ bank accounts on behalf of MNOs (Mobile Network Operators).” Customers would not be charged extra fees if they use the USSD channel.”Scam Alerts: FirstBank Disassociates itself from Azimo.com

Last week, the Federal Government requested telecommunication firms to delay their expected suspension of USSD services due to an N42 billion debt owed by banks.

On Monday, Isa Pantami, the Minister of Communications and Digital Economy, convened a meeting with financial institutions and mobile network operators.

The CBN stated that the new fee was part of the meeting’s resolution.

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