Unstructured Supplementary Service Data (USSD) services for financial transactions conducted at Deposit Money Banks ( DMB) and all Central Bank of Nigeria (CBN) licensed institutions will now be charged at a flat fee of N6.98k per transaction from March 16, 2021.
The new flat charges now replacee the current per session billing structure, and which is expected to ensure a much cheaper average cost for customers to enhance financial inclusion.
According to a joint statement issued by both the CBN and the NigerianCommunication Commission, (NCC) this approach is transparent and will ensure the amount remains the same, regardless of the number of sessions per transaction.”
The statement added that to promote transparency in the administration, the new USSD charges will be collected on behalf of MNOs directly from customers’ bank accounts and banks will not be allowed to impose additional charges on customers for use of the USSD channel.
The joint meeting between The central Bank of Nigeria, CBN and Nigeria Communication Communication, NCC, made their commitments to continue to engage relevant operators and stakeholders to promote cheaper, seamless access to mobile and financial services for all Nigerians.
In the statement signed jointly by Osita Nwanisobi Head, Corporate Communications CBN and Ikechukwu Adinde, Director, Public AffairsNCC affirmed that USSD is a critical channel for delivering financial services.
Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) have had protracted disagreements concerning the appropriate USSD pricing model for financial transactions and to resolve the lingering dispute and ensure uninterrupted services to customers on this channel.
The Honourable Minister for Communications and Digital Economy chaired the meeting of key stakeholders to discuss an amicable resolution in the interest of the general public.
At the meeting, a truce was reached and 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.
Present at the meeting were the various MNOs, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Association of Telecommunications Companies of Nigeria (ATCON), DMBs (represented by the Chairman, Body of Bank CEOs) and the sector regulators – Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC).
For seamless operations,the statement explained the two shall discuss and agree on the operational modalities for the implementation of the new USSD pricing framework, including sharing of Application Programme Interface (APIs) to enable seamless, direct and transparent customer billing.
Noting that, DMBs and MNOs are committed to engaging further on strategies to lower cost and enhance access to financial services.
In the resolution, it was agreed that DMBs shall no longer be disconnected from the USSD channel and 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.
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