The Central Bank of Nigeria (CBN) has asked customers using the Unstructured Supplementary Service Data (USSD) services to pay N6.98 per transaction.
The directive takes effect from Tuesday, according to a joint statement by the apex bank’s Acting Director, Corporate Communications, Osita Nwanisobi and Director, Public Affairs, Nigerian Communications Commission (NCC), Ikechukwu Adinde.
The statement read in part: “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.
“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.”