USSD services users in Nigeria on Friday started paying N6.98 for each transaction session.
USSD is a critical channel for delivering financial services, especially for those who do not have access to physical banking infrastructure or internet services.
“Welcome to USSD Banking
“Please note, a N6.98 network charge will be applied to your account for banking services on this channel,” one notice said.
Recall that the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) in March this year reached a conclusion to charge users.
The decision was part of an agreement reached with deposit money banks following a disagreement between banks and telecom firms over USSD and other text message transaction requests.
A joint statement signed by the CBN and NCC said “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.”
The charge will be removed from users’ bank accounts and remitted to mobile network operators.