BREAKING: CBN Introduces New Fee For USSD Banking Service

BREAKING: CBN Introduces New Fee For USSD Banking Service

BREAKING: CBN Introduces New Fee For USSD Banking Service

Effective March 16, 2021 banks in the country will begin charging a flat fee of N6.98 per transaction for Unstructured Supplementary Service Data (USSD) banking service.

NaijaOnPoint.com (TNG) reports this replaces the current per session billing structure, which the Central Bank of Nigeria (CBN) said will ensure a much cheaper average cost for customers to enhance financial inclusion.

The CBN also said the new approach is transparent and will ensure the amount charged remains the same, regardless of the number of sessions per transaction.

TNG reports the new fee is contained in a joint statement issued by the CBN and the Nigerian Communications Commission (NCC) on the pricing of USSD services.

Recall Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) have had protracted disagreements concerning the appropriate USSD pricing model for financial transactions.

This resulted in the accumulation of outstanding fees for USSD services rendered leading to potential service withdrawal by the MNOS.

USSD is a critical channel for delivering financial services, particularly for the underserved and/or financially excluded.

To resolve the lingering dispute and ensure uninterrupted services to customers on this channel, the Minister for Communications and Digital Economy on March 15, 2021 chaired a meeting of key stakeholders to discuss an amicable resolution in the interest of the general public.

Meanwhile, following a meeting of key stakeholders concerned in the matter, the impending suspension of USSD banking services has been lifted.

“Therefore, DMBS shall no longer be disconnected from the USSD channel,” a joint statement by CBN and NCC reads in part.

 

THE AFRICAN MEDIA

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