USSD: Why Will Impose 6.98K Fee - CBN
Sequel to the criticism that followed the announcement that a payment of 6. 98K will be paid on each transaction made through USSD.
The Apex bank in the country has reaffirmed her position that the payment is necessary now in order to avoid the disconnection of the service by telecommunications companies who have been owe billions of naira.
It will be recalled that the apex bank said from Tuesday customers will pay a flat fee of N6.98 per transaction every time they use USSD services.
The charges were part of the agreements after banks and telecommunication operators met on Monday to discuss the N42bn debt owed mobile operators by banks.
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.
“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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