The Central Bank of Nigeria has introduced new charges for customers using the Unstructured Supplementary Service Data services.
The apex bank said effective Tuesday, customers will pay a flat fee of N 6. 98 per transaction every time they use USSD services.
It said the new charges was part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N 42bn debt owed mobile operators by banks.
This was contained in a statement released on Tuesday and jointly signed by the apex bank’ s Acting Director , Corporate Communications , Osita Nwanisobi ; and Director , Public Affairs, Nigerian Communications Commission , Ikechukwu Adinde.
The statement was titled, ‘ Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of Unstructured Supplementary Service Data ( USSD) Services ’ .
It partly read , “ 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 ( Deposit Money Banks) and all CBN-licensed institutions will be charged at a flat fee of N 6. 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 Federal Government had last week asked telecommunication operators to put on hold , their impending suspension of USSD services over a N 42bn debt owed by banks.
Minister of Communications and Digital Economy, Isa Pantami, had convened a meeting with financial institutions and mobile network operators on Monday.
The CBN said the new charges was part of the resolution reached at the meeting .
The statement jointly issued by the CBN and the NCC also said a settlement plan for outstanding payments incurred for USSD services, previously rendered by mobile network operators was being worked out by all parties in a bid to ensure that the matter is fully resolved .
It said financial institutions and telcos will discuss and agree on the operational modalities for the implementation of the new USSD pricing framework , including sharing of Application Programme Interface to enable seamless, direct and transparent customer billing.
“ 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 general public is reminded that the USSD channel is optional , as several alternative channels such as mobile apps , internet banking and ATMs may be used for financial transactions.
“ 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 , ” the statement concluded .
