By Sola Oni
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have announced that with effect from Tuesday, 16th March, 2021, Unstructured Supplementary Service Data (USSD) services for financial transactions conducted at Deposit Money Banks and all CBN – licensed institutions will be charged at a flat fee of N6.98 per transaction.
This was contained in a statement jointly signed by the CBN Acting Director of Corporate Communications, Osita Nwanisobi and NCC Director of Public Affairs, Ikechukwu Adinde and released in Abuja on Tuesday.
According to the statement, Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) have had protracted disagreements concerning the appropriate USSD pricing model for financial transactions, adding that this resulted in the accumulation of outstanding fees for USSD services rendered leading to potential service withdrawal by the MNOs.
The statement explained that: “the new charge replaces the current per session billing structure, and ensures 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.”
It further stated that the new USSD charges would promote transparency in its administration, and would be collected on behalf of MNOs directly from customers bank accounts, pointing out that banks shall not impose additional charges on customers for use of the USSD channel.
The statement also stated that, “settlement plan for outstanding payments incurred for USSD services, previously rendered by the MNOs, is being worked out 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 (API) to enable seamless, direct and transparent customer billing. DMBs and MNOs are committed to engaging further on strategies to lower cost and enhance access to financial services.
“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 reminded the general public “that the USSD channel is optional, as several alternative channels such as mobile apps, internet banking and ATMs may be used for financial transactions.”
It stated that “The CBN and NCC shall continue to engage relevant operators and all stakeholders to promote cheaper, seamless access to mobile and financial services for all Nigerians.”
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
