In a bid to put an end to the lingering issues between Mobile Network Operators (MNOs) and Deposit Money Banks, the Central Bank of Nigeria, Nigerian Communications Commission (NCC), MNOs, DMBs and other key stakeholders have reached a resolution agreed by all parties.
Bank customers will now be paying a flat fee of N6.98 per USSD transaction starting from Tuesday 16th March 2021.
This was disclosed in a joint statement signed by CBN’s acting Director, Corporate Communications, Mr Osita Nwanisobi, and NCC Director, Public Affairs, Mr Ikechukwu Adinde.
The statement read in part, “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.
“To promote transparency in its administration, the new USSD charges will be collected on behalf of MNOs (Mobile Network Operators) directly from customers’ bank accounts.
“Banks shall not impose additional charges on customers for use of the USSD channel,” it said.
CBN said the new charges was part of the agreement reached to address the N42 billion dent owed MNOs by banks.
It further stated that there is an ongoing play to ensure MNOs receive payment for previous services rendered.
“MNOs and DMBs shall discuss and agree on the operational modalities for the implementation of the new USSD pricing framework, including sharing Application Programmes Interface.
“DMBs and MNOs are committed to engaging further non-strategies to lower cost and enhance access to financial services.
“With the above resolutions, the impending suspension of DMBs from the USSD channel is hereby vacated.
“Therefore, DMBs shall no longer be disconnected from the USSD channel,” it said.
