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CBN Introduces New Charge Of N6.98 For USSD Bank Transaction

CBN Introduces New Charge Of N6.98 For USSD Bank Transaction

The Central Bank of Nigeria (CBN) on Tuesday, March 16, introduced a new charge of N6.98 for every Unstructured Supplementary Service Data (USSD) service.

This was made known in a joint statement released and signed by CBN’s acting director, Corporate Communications, Osita Nwanisobi, and Nigerian Communications Commission (NCC) director, public affairs, Ikechukwu Adinde.

According to the apex bank, the new charge which replaces the current per session billing structure takes effect from Tuesday.

It was gathered that this development was part of the agreement reached between banks and telecommunication operators after they met to discuss the N42bn debt owed by financial institutions.

The new USSD charges will be collected on behalf of Mobile Network Operators directly from customers’ bank accounts to promote transparency.

The statement added that banks will not impose additional charges on customers for us of the USSD service.

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