Jun 4, 2021
Nigerian banks begin N6.98 USSD service charge
Customers of Nigerian banks have started complaining after learning about the new service charge attached to USSD transactions.
Customers of different Nigerian banks who make use of Unstructured Supplementary Service Data (USSD) services as a payment option recently noticed a service charge of N6.98 that accompanied every transaction.
The message many of the persons claim to have received is “Welcome to USSD Banking. Please note, an N6.98 network charge will be applied to your account for banking services on this channel.”
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) issued a unitary statement claiming that the new USSD charges were incorporated in order to foster transparency and is being collected for Mobile Network Operators (MNOs), who is in charge of providing structure for USSD services to operate in association with bank accounts.
The USSD payment option is one that is very important and helpful to persons who are unable to carry out physical banking or internet banking and it is unknown if the CBN in conjunction with the NCC will reconsider the decision.
