A few days ago, telecom operators withdrew the USSD shortcode service bank from their platform which means customers would have huge challenges in carrying out financial transactions via the USSD platforms.
As of today, Nigerians will now pay N6.98k for every USSD transaction carried out from their mobile phone. The price replaced the former per session billing structure for USSD transactions.
According to CBN “Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) have had protracted disagreements concerning the appropriate USSD pricing model for financial transactions.
“This resulted in the accumulation of outstanding fees for USSD services rendered leading to potential service withdrawal by the MNOs.” “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.
With the latest announcement by the CBN, it appears that the banks and telcos have resolved to put the brunt of the cost on the users contrary to the NCC initial directive.
This means that Nigerians will pay even more than the N4 they were initially complaining about. Starting from today, users of USS D will have to pay N6.98 per transaction.
However, it is still unclear who will collect the charges, banks, or telcos.
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