Thursday, March 30, 2023
More

    Latest Posts

    FG okays pay rise for civil servants, awaits Buhari’s approval

    The Minister of Labour and Employment, Chris Ngige, has revealed that the Federal Government has approved a pay raise for civil servants in the...

    I’m married, Davido confirms marriage with Chioma

    Superstar David Adeleke, popularly known as Davido, has confirmed his marriage to his partner, Chioma Rowland. He disclosed this in an interview he had with...

    Arrest interim government plotters, APC, PDP tell DSS

    The presidential campaign councils of the All Progressives Congress and the Peoples Democratic Party have challenged the Department of State Services to get tough...

    Yul Edochie loses 16-year-old son

    Nollywood actor, Yul Edochie, reportedly lost his first son, Kambilichukwu Edochie, on Thursday morning. The son died two months after Edochie celebrated his 16th birthday...

    Banks commence N6.98 USSD charge, customers kick

    Some banks have notified their customers that they will start charging them N6.98 for every USSD transactions.

    However, experts have said that excessive charges by banks could pose a threat to financial inclusion.

    According to them, it will increase cash transactions because many bank customers would avoid using the USSD for transactions and could also discourage the unbanked segment of the population because they would not like to pay such charges over their little deposits.

    A message from some of the banks, including Guaranty Trust Bank, First Bank and Fidelity Bank on ‘Update on USSD transactions’ stated, “Please be informed that you are now required to pay a fee of N6.98 to your mobile network provider for every banking transaction carried out on all USSD banking platforms.

    “This means that when you send money to anyone using USSD, a fee of N6.98 will be charged to your bank account, which is in turn remitted in full by your bank, to your mobile network provider.

    “Please note that airtime and data purchases via USSD are exempt from this charge on USSD platforms.”

    The banks urged the customers to make use of other electronic transactions available in the banks to avoid paying the fees.

    A former President, Association of National Accountants of Nigeria, Dr. Sam Nzekwe, said too many changes by banks were unfriendly to financial inclusion drive, especially to the un-banked Nigerians.
    He said people would prefer to walk into the banking hall to make payments.

    “There are many charges that the banks charge the customers, even if you don’t do any transaction. Some of these informal sectors will start running away because they cannot understand the many charges. That is why many of the informal sector still do their transactions by cash.

    “What an average customer wants is show me why you should charge me. But you are charging me for many things and at the end of the month you will still charge me again.”

    He said banks should be completely open to their customers in their transactions.

    A fashion designer, Balogun, said, “I have bank account but I prefer to go to bank and do my things. How much do I have in my account that they want to be deducting charges anyhow?”

    Copyright PUNCH.

    Latest Posts

    FG okays pay rise for civil servants, awaits Buhari’s approval

    The Minister of Labour and Employment, Chris Ngige, has revealed that the Federal Government has approved a pay raise for civil servants in the...

    I’m married, Davido confirms marriage with Chioma

    Superstar David Adeleke, popularly known as Davido, has confirmed his marriage to his partner, Chioma Rowland. He disclosed this in an interview he had with...

    Arrest interim government plotters, APC, PDP tell DSS

    The presidential campaign councils of the All Progressives Congress and the Peoples Democratic Party have challenged the Department of State Services to get tough...

    Yul Edochie loses 16-year-old son

    Nollywood actor, Yul Edochie, reportedly lost his first son, Kambilichukwu Edochie, on Thursday morning. The son died two months after Edochie celebrated his 16th birthday...

    Don't Miss

    NLC protests: CBN to flood banks with old naira notes

    The Central Bank of Nigeria has finally concluded plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks,...

    Nigeria Air will fly before May 29 – FG

    Despite controversies surrounding the establishment of the national carrier, Nigeria Air, the Federal Government through the Ministry of Aviation has revealed that local and...

    Payment of salaries my top priority, Otti tells Abia residents

    The Abia State Governor-elect, Alex Otti, has disclosed that payment of salaries will be his priority once he gets into office on May 29. Otti...

    Sanwo-Olu condemns election day violence, orders suspects’ arrest

    The Governor of Lagos State, Babajide Sanwo-Olu, has ordered security agencies to arrest perpetrators of attacks recorded in some local government areas during Saturday’s...

    Kano govt lifts dawn to dusk curfew

    The Kano State Government has lifted the dawn-to-dusk curfew imposed in the state. The News Agency of Nigeria reports that the state government on Monday...

    Stay in touch

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