Customers will now pay a flat rate of N6.98 per transaction every time they use the Unstructured Supplementary Service Data says the Central Bank of Nigeria.
The apex bank said new charges effective Tuesday was part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42bn debt.
“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,” CBN and Nigerian Communications Commission spokesman Osita Nwanisobi and Ikechukwu Adinde said in a joint statement on Tuesday.
“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.”
Telecommunications operators had earlier threatened to withdraw the USSD service from banks following the refusal of the banks to pay the accumulated debt of N42 billion, which have accrued in the last eight months.
The telcos, under the aegis, Association of Licensed Telecommunications Operators of Nigeria (ALTON) claimed that since the USSD Pricing determination by the Nigerian Communications Commission (NCC) which resulted in a price review of USSD service by its members, banks are yet to pay them the accumulated USSD transactions costs.