CBN To Charge You N6.98 For Bank Transfers Using USSD
-The CBN and NCC has announced that there will be charges for customers using USSD for bank transfer
-Customers will be charged 6.98 Naira for every transaction from Tuesday, March 16, 2021
-This was disclosed after a meeting between the Apex bank and NCC
The Central Bank of Nigeria (CBN) has issued a new directive that bank transfers involving the use of Unstructured Supplementary Service Data (USSD) services will attract a few of N6.98.
Customers will be charged this fee anytime they initiate a transaction using the USSD code on their mobile phone starting from Tuesday, March 16, 2021.
Telecommunication operators were expected to remove USSD services on March 15, 2021, due to a debt owed by Commercial banks in the country.
The new fee is part of an agreement reached between the Apex bank and the Nigerian Communications Commission (NCC) after a meeting over the 42 billion naira debt.
This initiative will replace the current per session billing which costs more on average. The approach is also transparent as the charges remain the same regardless of the number of transactions.
A complete statement titled ‘Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of Unstructured Supplementary Service Data (USSD) Services’ was released to explain better.
In other news: EFCC has ordered all bankers and staff of financial institutions to declare their assets
The statement reminded Users that using the USSD transfer channel is optional. Other alternatives to USSD transfer include Bank apps, ATM transfer, and Internet banking.
The CBN also promised to do its best to promote cheaper financial services for Nigerians.
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