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CBN introduces new charges for USSD services

“Effective March 16, 2021, USSD services for financial transactions conducted at DMBs (Deposit Money Banks Business) 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.

“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 N42bn 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 fee was part of the resolution reached at the meeting.

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