Deposit Money Banks (DMBs) have started charging customers N6.98 for Unstructured Supplementary Service Data (USSD) transactions.
The banks which have started informing their customers of the development said the new fees will be remitted in full to the mobile network operators for providing USSD services.
They however pointed out that data subscription and airtime purchase are exempted from the charges.
The new charge replaces the current N4.89 session billing structure.
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A message sent to customers by First Bank of Nigeria Plc read, “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 access any banking service 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. FirstBank only collects and remits the fees on behalf of the telco for use of the USSD platform.”
READ ALSO: Customers To Pay ₦6.98 For USSD Service – CBN
The new rate is part of the agreement reached after banks and telecom operators met to discuss the N42bn debt owed mobile operators by banks for USSD transactions.
A joint statement by the NCC and CBN had said, “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.”
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