Nigerian banks have begun effecting N6.98 (six Naira, ninety-eight kobo) charges from customers using the Unstructured Supplementary Service Data (USSD) for transactions. Basically, using a bank shortcode for money transfers.
Recall that earlier in the year, telcos expressed displeasure over incurred debts using the USSD code. However, in March, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), arrived at a consensus to allay the losses wherein N6.98 charges was agreed on.
According to the CBN and NCC via a joint statement, the extra charge is ‘’… 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 use of the USSD channel.”
“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 N6.98 per transaction. This replaces the current per session billing structure, ensuring a much cheaper average cost for customers to enhance financial inclusion”.
However, only two days ago, deposit money banks began reaching out to their customers to inform them about the change. Emails sent to customers read in part:
“Dear Customer, Please be informed that you are now required to pay a fee of N6.98 to your mobile network provider for every banking transaction carried out on all USSD banking platforms.
This means that when you send money to anyone using *826#, a fee of N6.98 will be charged to your bank account, which is in turn remitted in full by your Bank, to your mobile network provider.
Please note that Airtime and Data purchases via *826# are exempt from this charge on USSD platforms.”
CBN and NCC further assured in the statement that they’ll keep making it a seamless journey for stakeholders and relevant operators by promoting cheaper services.
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