The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have announced the introduction of new charges for customers using the Unstructured Supplementary Service Data (USSD) services.
The 2 regulatory agencies said that customers will pay a flat fee of N6.98 per transaction every time they use USSD services with effect from Tuesday, March 16, 2021.
This is the outcome of the meeting between the CBN, NCC, deposit money banks and mobile network operators (MNOs) over a protracted dispute concerning appropriate pricing for the USSD pricing model for financial services which resulted in accumulated debt and a possible withdrawal of USSD services by MNOs.
This disclosure is contained in a statement jointly signed by the CBN’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde on Tuesday.
The joint statement stated that the new charges was part of the resolution reached at the meeting adding that a settlement plan for outstanding payments incurred for USSD services, previously rendered by mobile network operators was being worked out by all parties in a bid to ensure that the matter is fully resolved.
The statement which was titled, ‘Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of Unstructured Supplementary Service Data (USSD) Services’, partly read, “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 us of the USSD channel.”
‘’A settlement plan for outstanding payments incurred for the USSD services, previously rendered by the MNOs is being worked at by all parties in a bid to ensure that the matter is fully resolved.’’
‘’MNOs and DMBs shall discuss and agree on the operational modalities for the implementation of the new USSD pricing framework, including sharing of Application Programme Interface to enable seamless, direct and transparent customer billing.’’
“With the above resolutions, the impending suspension of DMBs from the USSD channel is hereby vacated. Therefore, DMBs shall no longer be disconnected from the USSD channel.’’
The statement reiterated that the general public is reminded that the USSD channel is optional, as several alternative channels such as mobile apps, internet banking and ATMs may be used for financial transactions.
The CBN and NCC said that they shall continue to engage relevant operators and all stakeholders to promote cheaper, seamless access to mobile and financial services for all Nigerians,” the statement concluded.
I just hope this will work out smoothly, because anything wey FG put hand dey always get comma ooo.
One
The CBN governor and his collaborators are just after our lives. We multiple taxes to government for no service rendered. Prosperity will judge you
I think the Cbn is out of their mind is this how Nigeria banking is going to turn people’s money to their own everything now is charges just ordinary SMS charges….. I swear this country is a mistake
This article is well written and all. But, it doesnt communicate to the average Nigerian how we will affected by this change. Or if it was mentioned, it was effectively communicated.
They are bunch of crazy idiots…..making life hard for the common man. They never thought of how to help us make more money,but always updating how to make us pay more and more for services that they ought to be begging us to have. Nigeria is under a spell with these kinds of leaders and people that we have in power
My problem with Nigerian leaders is it’ll force it citizens to do something that will only favour them but not it’s citizens. May Allahu Allah. Shame you all.
This place called Nigeria is just messed up. Last time I checked, things are meant to be done to favour the masses, but this is jne place (not a country) that i have seen where the only thing they know how to do is to milk the masses dry and suffer them, without ever giving them anything in return. Ordinary infrastructure, they cannot even deliver, except a messed up economy and looting at the highest level. What a pity!
This flat fee of N6.98 per transaction every time they use USSD service,
1. Does it replace the N10.75 hitherto being charged per transaction every time they use the USSD service?
2. Is it in addition to the N53.75 stamp duty charge incurable for receiving N10,000 and above into one’s bank account?
3. Is it in addition to the N35.75 for using another bank’s ATM Machine more than 3 times?
4. What happened to all the previous N10.75 charges on customers’ bank accounts for every USSD transaction, even if it is only checking account balance?
5. Why didn’t the banks pay the amount charged to the telecoms operators? That’s why I said that, the flat fee of N6.98, is it a cheaper alternative to the previous N10.75 debit alerts being sent to banks’ customers? Because banks customers have been paying this charges since a very long time from now!
6. Like someone rightly observed in the comments above, “NIGERIANS ARE PAYING
MULTIPLE TAXES TO GOVERNMENT FOR SERVICES NOT RENDERED”. Prosperity will judge all of them!
Their intentions is to make Nigerians miserable…the moment they realized that Nigerians where making good use of their money for investment in Crpto and no longer keeping in banks (with no interest but monthly deduction), they put a ban on it. Should they be happy that the poor are finding their ways out of poverty or sad ? The wickedness of the wicked shall not release them (including their generations after them ) wey dem dey keep d money for
All this na ITT format,Fela kuti don talk am.medium of increasing crime rate in Nigeria.
I wonder how we got here???????
Wickedness OF the highest order.
This is outrageous!
Bank charges is becoming three much.
Charges on ATM mentainance, alert charges, use of ATM in another bank, now USSD charge.!!!!
Make una pity us the massesoooo
Nigeria is already a death country, every body know that no one responsible for Nigeria again! Nigeria is fatherless, motherless, uncleless’ brotherless and sisterless’ i advice u to rape ur money inside pot’ nothing will touch it.