The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have resolved and fixed per charge transaction using Unstructured Supplementary Service Data (USSD) services at N6.98 with effect from March 16, 2021.
The CBN and NCC disclosed this in a joint statement released Tuesday.
The statement recalled that Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) have had protracted disagreements concerning the appropriate USSD pricing model for financial transactions.
It noted that this resulted in the accumulation of outstanding fees for USSD services rendered leading to potential service withdrawal by the MNOs.
To resolve the lingering dispute and ensure uninterrupted services to customers on this channel, the Minister for Communications and Digital Economy on March 15, 2021 chaired a meeting of key stakeholders to discuss an amicable resolution in the interest of the general public.
Represented at the meeting were the various MNOs, Association of Licensed Telecoms 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).
The CBN and NCC stated that a resolution framework acceptable to all parties was agreed including that:
“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 N6.98 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.
“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.
The statement said the new charges was part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42 billion debt owed mobile operators by banks.
It added that plan for outstanding payments incurred for USSD services, previously rendered by the MNOs, was being worked out by all parties in a bid to ensure that the matter was fully resolved.
“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.
The statement reminded the general public that the USSD channel was optional, as several alternative channels such as mobile apps, internet banking and ATMs may be used for financial transactions.
“The CBN and NCC shall continue to engage relevant operators and all stakeholders to promote cheaper, seamless access to mobile and financial services foe all Nigerians,” it stated.
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