Deposit Money Banks (DMBs) on Friday commenced the implementation of the new N6.98 charge per transaction for bank customers using the unstructured supplementary service data (USSD) payment channels.
Prior to this, the charge was N4.89.
The implementation of the new billing structure comes more than two months after mobile network operators (MNOs) announced the plan to suspend USSD services over N42 billion debt owed by financial service providers.
However, the suspension of the service was halted following the intervention of minister of communications and digital economy, Isa Pantami,.
Following the minister’s intervention, the MNOs and DMBs agreed to reduce the charge on customers.
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 enhances 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 telco tweeted in response to an inquiry.
