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Bank customers to pay N6.98 for every USSD transactions

Bank customers to pay N6.98 for every USSD transactions

USSD transactions will now come at a cost of N6.98 for bank customers on using the USSD service going forward.

This new charge emerges after a long dialogue ensued between the Deposit Money Banks and the telecommunication companies.

Similarly, banks usually charge between N4-N10 for every USSD transaction, given this the appropriate USSD pricing model for financial transactions and resultant accumulated outstanding payments had become a cause of discord between banks and telcos, which lead to withdrawal of the service earlier this year.

In the aftermath, there had been a dialogue between operators and regulators of the joint sector.

Sequel to the aforesaid dialogue, a statement issued by CBN and NCC, effective March 16, 2021, USSD services for financial transactions conducted at 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.

Given promoting transparency in its administration, the USSD charges will be collected on behalf of the Mobile Network Operators directly from the customers’ bank accounts. The bank shall not impose additional charges on customers for using the USSD channel.

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