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    USSD: Why CBN, Nigerian banks want you to pay for USSD charges

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    Naija247newshttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    On Tuesday 16 March The Central Bank of Nigeria and the Nigerian Communications Commission impose new charge for mobile banking services as part of process to end disagreement between banks and telecoms operators.

    Nigeria highest bank say starting from Tuesday, customers will have to pay flat fee of N6.98 per transaction every time they use Unstructured Supplementary Data Services alias USSD services.

    This new charges according to CBN for inside statement release is part of the agreement that the banks and telecommunication operator agreed after meeting on Monday to discuss the N42bn debt that local banks own mobile operators.

    So for every time you do transaction wit your bank short code na N6.98 charge you go pay.

    For inside di statement wey CBN chairman, Gbenga Adebayo, and head of operations, Gbolahan Awonuga sign, CBN say di withdrawal charge don become necessary afta dia members and banks fail to reach agreement on payment structure wey no go involve phone users.

    “Di banks, however, provided no assurances to our members dat such service fees charged to customers’ bank accounts for access to bank services through di USSD channel go dey discontinued afta implementation of end-user billing by our members.”

    CBN say dis na to promote transparency for dia administration, and banks go collect di new USSD charges on behalf of mobile network operators directly from customers’ bank accounts. Dem also add say Banks “no fit impose additional charges on customers for use of di USSD channel.”
    USSD meaning

    USSD (Unstructured Supplementary Service Data) na Global System for Mobile Communications wey you dey use to send text messages. USSD dey similar to Short Message Service (SMS). Dem dey use USSD for several purposes but our focus na on banking services.

    First, when you dial number wey start wit * and end wit #, you dey use USSD. Second, USSD currently na di best available communications technology to deliver mobile financial services to low-income customers.

    Unlike banking apps wey need internet access and smartphone functionality, USSD banking fit work on any mobile device, including feature phones.

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