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CBN introduced new charges for USSD services

CBN introduced new charges for USSD services

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) has introduced of new charges for customers using the Unstructured Supplementary Service Data (USSD) services.

The 2 regulatory agencies said that customers will pay a flat fee of N6.98 per transaction every time they use USSD services with effect from Tuesday, March 16, 2021.

This is the outcome of the meeting between the CBN, NCC, deposit money banks and mobile network operators (MNOs) over a protracted dispute concerning appropriate pricing for the USSD pricing model for financial services which resulted in accumulated debt and a possible withdrawal of USSD services by MNOs.

“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 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.