BANKS: Customers to pay N6.98 kobo for USSD transactions – CBN, NCC
By Eyo Nsima
THE Central Bank of Nigeria, CBN, and the Nigerian Communications Commission (NCC), have concluded plans for bank customers to pay N6.98 kobo per Unstructured Supplementary Service Data (USSD) transactions commencing today.
The CBN, and NCC, also stated that the suspension of banks from USSD platforms has been lifted, adding that stakeholders are now deliberating on plans to settle the over N42 billion debt incurred by the banks on the platform.
In a joint statement obtained by The Daily, www.thedaily-ng.com,
“USSD is a critical channel for delivering financial services, particularly for the underserved and/or financially excluded. To resolve the lingering dispute and ensure uninterrupted services to customers on this channel, the Minister for Communications and Digital Economy on March 15, 2021, chaired a meeting of key stakeholders to discuss an amicable resolution in the interest of the general public.
“Represented at the meeting were the various MNOs, Association of Licensed Telecoms Operators of Nigeria (ALTON), Association of Telecommunications Companies of Nigeria (ATCON), DMBs (represented by the Chairman, Body of Bank CEOs) and the sector regulators CBN and NCC.
“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 Deposit Money Banks (DMBs) 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 directly from customers’ bank accounts. Banks shall not impose additional charges on customers for use of the USSD channel. A settlement plan for outstanding payments incurred for USSD services previously rendered by the MNos, is being worked out by all parties in a bid to ensure that the matter is fully resolved
“MNOs and DMBs shall discuss and agree on the operational modalities for the implementation of the new USSD pricing framework, including sharing of Application Programme Interface (AP!) to enable seamless, direct, and transparent customer billing. DMBs and MNOs are committed to engaging further on strategies to lower costs and enhance access to financial services.”
