CBN announces ₦6.98 charge for USSD transactions

<p><img class&equals;"aligncenter size-full wp-image-4511" src&equals;"https&colon;&sol;&sol;thedailypage&period;ng&sol;wp-content&sol;uploads&sol;2021&sol;03&sol;Screenshot&lowbar;20210316-221112&period;jpg" alt&equals;"" width&equals;"720" height&equals;"399" &sol;><&sol;p>&NewLine;<p>The Central Bank of Nigeria &lpar;CBN&rpar; has imposed N6&period;98 per transaction on Nigerians every time they use USSD services&period;<&sol;p>&NewLine;<p>This was contained in a statement jointly signed by the apex bank and the Nigerian Communications Commission &lpar;NCC&rpar; and released today March 16&comma; 2021&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Effective March 16&comma; 2021&comma; USSD services for financial transactions conducted at DMBs &lpar;Deposit Money Banks&rpar; and all CBN-licensed institutions will be charged at a flat fee of N6&period;98 per transaction&period;<&sol;p>&NewLine;<p>&&num;8220&semi;This replaces the current per session billing structure&comma; ensuring a much cheaper average cost for customers to enhance financial inclusion&period; This approach is transparent and will ensure the amount remains the same&comma; regardless of the number of sessions per transaction&period;<&sol;p>&NewLine;<p>&&num;8220&semi;To promote transparency in its administration&comma; the new USSD charges will be collected on behalf of MNOs &lpar;Mobile Network Operators&rpar; directly from customers’ bank accounts&period; Banks shall not impose additional charges on customers for us of the USSD channel&comma;” the statement in part reads<&sol;p>&NewLine;