Bank customers to pay N6.98 for each USSD transaction

Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) have agreed to charge customers using unstructured supplementary service data (USSD) service a flat fee of N6.98 for each transaction.

In a joint statement released by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) on Tuesday, the new charges replace the current per billing structure.

Telcos recently announced their plan to suspend USSD services over N42 billion debt owed by financial service providers. But Isa Pantami, minister of communications and digital economy, had asked the telcos to halt their strike.

According to the joint statement, Pantami chaired a meeting of key stakeholders to discuss an amicable resolution in the interest of the general public.

It was resolved that effective March 16, USSD services for financial transactions conducted at DMBs and all CBN – licensed institutions will be charged at a flat fee of N6.08 per transaction.