Central Bank of Nigeria and Mobile Network Operators (MNOs) have resolved that charges for the use of unstructured supplementary Service Data (USSD) services for financial transactions conducted at Deposit Money Banks (DMBs) and all CBN licenses institutions will be at flat rate fee of N6.98 kobo per transactions.
The new charges which has taken effect on March 16, 2021 replaces the current per session billing structure, ensuring a much cheaper average cost for customers to enhance financial inclusion.
Recalled that telecom operators in the country had on Friday announced plan to stop use of USSD by Banks and other financial institutions in the country by March 15, 2021 due to unresolved dispute over a N42 billion debt allegedly owed by Banks.
But the Federal Government directed MNOs to put the planned suspension of the USSD services on hold over the lingering debt.
The apex bank and MNOs reached the agreement at joint meeting attended by various MNOs, Association of licences Telecoms operators of Nigeria (ALTON), Association of Telecommunications Companies of Nigeria ATCON, Deposit Money Banks( represented by the chairman, Body of Bank CEOs) and the sector regulators, CBN and Nigerian Communications Commission.
In a joint statement signed by Acting Director Communications, CBN, Osita Nwanisobi and Director, Public Affairs Nigerian Communications Commission, Dr Ikechukwu Adinde said that the current approach is transparent and will ensure the amount remains the same, regardless of the number of sessions per transaction.
It stated that to provide transparency in its administration, the new USSD charges will be collected on behalf of the MNOs directly from customers bank account while Banks shall not impose additional charges on customers for use of the USSD channel.