• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

MTN’s USSD charge: Banks’ CEOs react 

Abiola Odutola by Abiola Odutola
October 22, 2019
in Business News
net interest income, Nigerian Banks, Fitch, Nigerian banks tremble over Cyber attack, Most Nigerian banks are very likely to fail stress tests should the economic downturn persists and deepens, What Banks can do to improve Real Sector Lending in 2021
Share on FacebookShare on TwitterShare on Linkedin

The Body of Banks’ Chief Executive Officers has cleared the air on the controversial Unstructured Supplementary Service Data (USSD) charges initiated by MTN Nigeria Communications Plc (MTN), as the group said it did not ask the telco to make such deduction from banks’ depositors.

Some MTN subscribers, who are GTBank depositors, received text messages on Sunday, stating that from Monday, October 21, every usage of USSD code for banking services would attract N4 per 20 seconds.

It read, “Yello, Please note that from Oct 21, we will charge N4 per 20 seconds for USSD access to banking services. Thank you.” 

RelatedStories

GTCO,Afex Commodities Exchange

GTCO’s HabariPay posts N2.3 billion profit before tax in 2023

May 13, 2024
Over N10 trillion spent on refineries yet they don’t work, they’re better off sold – Taiwo Oyedele 

Presidential Committee proposes payment of taxes through USSD, others

January 24, 2024

[READ MORE: Nigerian banks are stronger than ever – CBN]

However, a statement issued by the entire Committee of Bank CEOs and obtained by Nairametrics stated, “Our attention has been drawn to Short Messages System (SMS) sent last Saturday and Sunday by MTN to customers of banks in Nigeria in respect of the above. The message states that the banks requested MTN to start charging customers for USSD transactions directly. It also asks customers to contact their banks for more information but the decision on what to charge on USSD is entirely the telco’s.” 

the best mobile banking apps

Details of the groups’ response: The banks did not ask MTN to start charging customers as contained in the text message. The decision on whether, and what amount, to charge a customer for accessing USSD is entirely that of the telco company, in the same way a customer is billed for calls, SMS and data.

  • MTN is the only Telco that is yet to implement end-user billing which is the standard practice for customer-initiated transactions. This is despite the fact that the banks, working with the Central Bank of Nigeria (CBN), have engaged the Telcos over a period of more than one year to try and bring down the cost of USSD to aid financial inclusion.
  • The banks are determined to pursue the National Financial Inclusion Strategy of the Federal Government of Nigeria and will continue to advocate that Telcos identify wholeheartedly with this laudable initiative and implement transparent and low pricing model in the use of USSD access codes.
  • We wish to reiterate that financial transaction charges are regulated by the CBN as stipulated in the Bankers Tariff and that the charges for financial transactions carried out with banks remain unchanged.

What is USSD? It is simply a code that you enter on your phone to enable you enjoy certain banking services. These are services that could have otherwise taken you to the banking hall, the ATM, or an Internet-connected desktop, laptop, iPad or smartphone for Internet banking.

[READ ALSO: Disrupting Nigerian banks]

Meanwhile, Nairametrics had reported the effects of the development on depositors.

How this affects you:  USSD code is a Global System for Mobile (GSM) communication technology that is used to send text between a mobile phone and an application program in the network.

  • Basically, by simply entering a USSD code (designated by your bank) on your mobile phone that is not even connected to the Internet, you can enjoy several banking services that otherwise may have necessitated you going to the banking hall, an ATM or an Internet-connected computer.
  • With the new charge imposed, it means the service is no longer free and a user will now pay N4 per 20 seconds used.
  • Meanwhile, users who may want to avoid this charge will need to download the banks’ applications for transaction.

Follow us for Breaking News and Market Intelligence.
Tags: Banks' CEOsOn the MoneyUSSD
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

Related Posts

GTCO,Afex Commodities Exchange
Companies

GTCO’s HabariPay posts N2.3 billion profit before tax in 2023

May 13, 2024
Over N10 trillion spent on refineries yet they don’t work, they’re better off sold – Taiwo Oyedele 
Business News

Presidential Committee proposes payment of taxes through USSD, others

January 24, 2024
Telecom companies, USSD, CBN
Sectors

Telecom companies accuse banks of politicizing N150bn USSD debt

August 25, 2023
How Pantami’s interference turned a N17 billion USSD debt to N120 billion
Exclusives

How Pantami’s interference turned a N17 billion USSD debt to N120 billion

May 26, 2023
Valentine's day business ideas
Financial Literacy

Businesses that will profit from today’s Valentine’s Day celebrations

February 14, 2023
How to grow your customer base, keep your business in demand (Part 1) 
Financial Literacy

How to grow your customer base, keep your business in demand (Part 1) 

October 10, 2022
Next Post
Mouka @ 60, restates commitment to quality brand 

Mouka @ 60, restates commitment to quality brand 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 
  • EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 
  • FG adopts front-of-pack labelling to tackle diet-related diseases and cut NCD deaths

Follow us on social media:

Recent News

AfDB, AI

Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 

July 16, 2025
EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics