CBN Announces N6.98 Charge For USSD Transactions

CBN Announces ₦6.98 Charge For USSD Transactions
Godwin Emefiele

The Central Bank of Nigeria (CBN) has imposed ₦6.98 service charge on Nigerians for all USSD transactions.

This was revealed in a joint statement released by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) on Tuesday.

According to the statement, the new charges replaces the current per billing structure.

This new service charge will take effect from March 16 2021.

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“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,” the statement partly read.

“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.”

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