Thursday, September 29, 2022
More

    Latest Posts

    Why we burned N194bn worth of cocaine—FG

    The Federal Government, on Wednesday, said the National Drug Law Enforcement Agency, incinerated the N194bn worth of cocaine it seized from a drug racket...

    ObiDatti rally: Court rules against occupying Lekki Toll-Gate

    The Labour Party’s #ObiDatti23 Forward Ever Rally scheduled to be held on October 1, 2022, suffered a setback on Wednesday as a Federal High...

    Omah Lay reportedly splashes N500 million on new property

    Singer Omah Lay has reportedly acquired a brand new property. According to a Twitter post shared by one of the hit music star’s associates, the...

    Court denies Lawan, declares Machina’s APC senatorial candidate

    The Federal High Court sitting in Damaturu has ordered the All Progressives Congress and the Independent National Electoral Commission to recognise Bashir Machina as...

    CBN introduces new charges for USSD services

    The Central Bank of Nigeria has introduced new charges for customers using the Unstructured Supplementary Service Data services.

    The apex bank said effective Tuesday, customers will pay a flat fee of N6.98 per transaction every time they use USSD services.

    It said the new charges was part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42bn debt owed mobile operators by banks.

    This was contained in a statement released on Tuesday and jointly signed by the apex bank’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde.

    The statement was titled, ‘Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of Unstructured Supplementary Service Data (USSD) Services’.

    It partly read, “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 (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.

    “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 us of the USSD channel.”

    The Federal Government had last week asked telecommunication operators to put on hold, their impending suspension of USSD services over a N42bn debt owed by banks.

    Minister of Communications and Digital Economy, Isa Pantami, had convened a meeting with financial institutions and mobile network operators on Monday.

    The CBN said the new charges was part of the resolution reached at the meeting.

    The statement jointly issued by the CBN and the NCC also said a settlement plan for outstanding payments incurred for USSD services, previously rendered by mobile network operators was being worked out by all parties in a bid to ensure that the matter is fully resolved.

    It said financial institutions and telcos will discuss and agree on the operational modalities for the implementation of the new USSD pricing framework, including sharing of Application Programme Interface to enable seamless, direct and transparent customer billing.

    “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 general public is reminded that the USSD channel is 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 for all Nigerians,” the statement concluded.

    Latest Posts

    Why we burned N194bn worth of cocaine—FG

    The Federal Government, on Wednesday, said the National Drug Law Enforcement Agency, incinerated the N194bn worth of cocaine it seized from a drug racket...

    ObiDatti rally: Court rules against occupying Lekki Toll-Gate

    The Labour Party’s #ObiDatti23 Forward Ever Rally scheduled to be held on October 1, 2022, suffered a setback on Wednesday as a Federal High...

    Omah Lay reportedly splashes N500 million on new property

    Singer Omah Lay has reportedly acquired a brand new property. According to a Twitter post shared by one of the hit music star’s associates, the...

    Court denies Lawan, declares Machina’s APC senatorial candidate

    The Federal High Court sitting in Damaturu has ordered the All Progressives Congress and the Independent National Electoral Commission to recognise Bashir Machina as...

    Don't Miss

    Reps working to end ASUU strike – Gbajabiamila

    The Speaker of the House of Representatives, Femi Gbajabiamila, has said the parliament is committed to doing everything possible to end the lingering crisis...

    Evans sentenced to 21-year imprisonment for kidnapping

    Justice Oluwatoyin Taiwo of the Ikeja Special Offences Court on Monday sentenced kidnap kingpin, Chukwudumeme Onwuamadike, also known as Evans, and his co-defendant, Victor...

    Strike: Sowore joins NANS’ protest at Lagos airport

    The presidential candidate of the African Action Congress, Omoyele Sowore, has, Monday, joined Nigerian students in protest at the Murtala Muhammed International Airport, Lagos. Sowore,...

    BBNaija 7: Allysyn, Dotun have been evicted

    Allysyn and Dotun's journey on the Level Up season has come to an end with their week eight eviction. The week's eviction show kicked off...

    BBNaija’s Kiddwaya denies having fiance after rumoured engagement

    Reality TV star, Terseer Waya, aka Kiddwaya, has cleared the air on his rumoured engagement with a Caucasian lady, who he was filmed with...

    Stay in touch

    To be updated with all the latest news, offers and special announcements.