Sunday , June 20 2021
Breaking News
Home / Business / Banks Begin Implementation Of N6.98 USSD Transactions

Banks Begin Implementation Of N6.98 USSD Transactions

Banks on Friday started charging their customers N6.98 for  Unstructured Supplementary Service Data (USSD) transactions.

Many users woke up to see the notice to pay when they attempted to make a transfer or check account balance.

The USSD is a channel for delivering financial services, especially for those who do not have access to physical banking infrastructure or internet services.

“Welcome to USSD banking. N6.98 network charge will apply to your account for banking services on this channel. ” Press 966 to Accept or 2 to Reject”

The decision to charge users was reached in March by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission(NCC).

In March, a joint statement released by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) noted that the new N6.98 per transaction provides a cheaper average cost for customers and enhance financial inclusion.

“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,” the statement read.

“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.”

On Friday, MTN Nigeria also confirmed the implementation of the plan, saying the deductions will commence on June 3.

“Effective 3rd June, 2021, each USSD Banking transaction will attract a charge of N6.98 exclusive of VAT for use of the USSD Banking channel. The money will be deducted from your bank, by your bank,” the teleco tweeted in response to an inquiry.

Ikechukwu Adinde, director of public affairs at Nigeria Communications Commission (NCC), told The Cable that said the policy is not new, and it ought to have been implemented in March 2021.

“If banks delayed it and they are just implementing the policy, fine,” Adinde said.

“The March joint statement between the CBN and NCC clearly state positions on the matter.”





Check Also

Stakeholders agree to work for #SmokefreeNollywood

The cream of the Nollywood industry has agreed to work to see to the end …

Twitter: Lawan disagrees with Buhari

  Senate President Ahmad Lawan has disagreed with President Muhammadu Buhari over the ban placed …

Social Media Auto Publish Powered By :