“Effective from 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,” CBN and Nigerian Communications Commission (NCC) spokesperson Osita Nwanisobi and Ikechukwu Adinde said in a joint statement issued on Tuesday, 16th March.
The apex bank said new charges on Unstructured Supplementary Service Data (USSD) transactions, effective Tuesday, was part of the agreement reached with banks and telecommunication operators following their meeting on Monday to discuss the N42bn debt.
“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.”
Telecos had earlier threatened to withdraw the USSD service from banks following the refusal of the banks to pay the accumulated debt of N42 billion accrued in the last eight months.