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Home » CBN, NCC Announce N6.98k As New Charge For USSD Service
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CBN, NCC Announce N6.98k As New Charge For USSD Service

mmBy Rommy Imah16 March 2021No Comments4 Mins Read2 Views
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The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have introduced a new fee for customers using the Unstructured Supplementary Service Data (USSD) services.

Effective Tuesday, March 16, 2021, USSD services for financial transactions conducted at Deposit Money Banks (DMBs) and all CBN – licensed institutions will be charged at a flat fee of N6.98k per transaction.

In a joint statement signed by Osita Nwasinobi, Head, Corporate Communications of the CBN and Dr. Ikechukwu Adinde, Director, Public Affairs at the NCC, the decision to introduce the new price regime was taken at a meeting of key stakeholders chaired by the Honourable Minister of Communications and Digital Economy, Dr. Isa Ali Pantami and held on Monday, March 15, 2021.

This, among other resolutions, was taken after comprehensive deliberations on the key issues that resulted in protracted disagreements concerning the appropriate USSD pricing model for financial transactions between Mobile Network Operators and Deposit Money Banks.

The meeting which was convened to resolve the lingering dispute between Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) and ensure uninterrupted services to customers on the USSD channel was also used to find an amicable resolution in the interest of the general public.

The protracted disagreements concerning the appropriate USSD pricing model for financial transactions between MNOs and DMBs had resulted in the accumulation of outstanding fees for USSD services rendered leading to the threat of service withdrawal by the MNOs.

But the joint CBN/NCC statement disclosed that the new fee replaces the current per session billing structure, ensuring a much cheaper average cost for customers to enhance financial inclusion, an approach described as transparent and would ensure the amount remains the same, regardless of the number of sessions per transaction.

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The statement reads in part: “We are pleased to announce that after comprehensive deliberations on the key issues, a resolution framework acceptable to all parties was agreed thus:

“Effective March 16, 2021, USSD services for financial transactions conducted at DMBs and all CBN – licensed institutions will be charged at a flat fee of N6.98k 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.

“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.

“MNOs and DMBs shall discuss and agree on the operational modalities for the implementation of the new USSD pricing framework, including sharing of Application Programme Interface (APIs) to enable seamless, direct and transparent customer billing.

“DMBs and MNOs are committed to engaging further on 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.”

The statement reminded the general public that the USSD channel is optional, as several alternative channels such as mobile apps, internet banking and ATMs may be used for financial transactions.

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The statement quoted the CBN and the NCC as pledging to continue to engage relevant operators and stakeholders to promote cheaper, seamless access to mobile and financial services for all Nigerians.

The USSD is a critical channel for delivering financial services, particularly for the underserved and/or financially excluded.

Represented at the key stakeholders meeting were the various MNOs, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Association of Telecommunications Companies of Nigeria (ATCON), DMBs (represented by the Chairman, Body of Bank CEOs) and the sector regulators – Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC).

#CBN #N6.98k #New Charge #USSD Service DigitalTimesNG Featured NCC
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Rommy Imah
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Rommy Imah is Founder/Editor of Digital Times Nigeria (www.digitaltimesng.com). He has been in active journalism in over two decades with a bias for technology and business reporting. He is particularly passionate about technology and how it can be used to transform human life, businesses and services.

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