The Central Bank of Nigeria (CBN) has imposed N6.98 per transaction on Nigerians every time they use USSD services.
This was contained in a statement jointly signed by the apex bank and the Nigerian Communications Commission (NCC) and released today March 16, 2021.
“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,” the statement in part reads