Home CBN, NCC Halt USSD Charges By Banks

CBN, NCC Halt USSD Charges By Banks

The Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) have stopped banks from charging customers who use Unstructured Supplementary Service Data (USSD) service.

In a joint statement issued by CBN and NCC, the regulators stated that, USSD services for financial transactions conducted at DMBs and all CBN- licenced institutions will be charged a flat fee of N6.98 per transaction, effective March 16, 2021.

According to the statement, “We are pleased to announce that after comprehensive deliberations on the key issues, a resolution framework acceptable to all parties was agreed thus:

Effective march 16, 2021, USSD services for financial transactions conducted at DMBs and all CBN- licenced institutions will be charged 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 session per transaction;

Read more: Court Orders CBN to Unfreeze #EndSARS Activists’ Accounts

To promote transparency in its administration, the new USSD services will be collected on behalf of MNOs directly from customers’ bank accounts. Banks shall not impose additional charges on customers for use of the USSD channel

A 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.”



Please enter your comment!
Please enter your name here

Must Read

I Will Exploit Bauchi/Gombe Oil Find To The Fullest If Elected President – Atiku

The presidential candidate of the People’s Democratic Party (PDP), Atiku Abubakar, has assured that, if he’s elected as next President of Nigeria, he will...

INEC staff caught on tape collecting N1000 to give out PVCs [WATCH]

A video has emerged showing a staff of the Independent National Electoral Commission (INEC) at Emene Primary school in Enugu State collecting N1,000 each...

Tribunal: Osun APC, PDP clash over protests

The Osun State chapter of the All Progressives Congress has alleged that protests by some people in the state over the judgement of the...

Yahaya Bello Allegedly Withdraw Support for Tinubu 

According to the report, Kogi's new stance is informed by permutations in the north-central state ahead of its November governorship election. As a result of...

2023: Atiku, Tinubu in fresh battle over health issues, alleged corruption

Barely 38 days to the presidential election scheduled for February 25, both camps of the All Progressives Congress, APC, and the Peoples Democratic Party,...