Nigerians Now Charged Compulsory N6.98 For USSD Transactions, Citizens Kick

Many prospects of USSD providers in Nigeria on Friday have mentioned a pop-up message has notified them of the brand new N6.98 expenses for every transaction.

USSD is a vital channel for delivering monetary providers, particularly for individuals who shouldn’t have entry to bodily banking infrastructure or web providers.


Nigerians Now Charged Compulsory N6.98 For USSD Transactions, Citizens Kick 2

“Welcome to USSD Banking,” one discover mentioned. “Please note, a N6.98 network charge will be applied to your account for banking services on this channel.”

The determination to cost customers was reached in March by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), Channels reported.

The determination was a part of an settlement reached with deposit cash banks following a disagreement between banks and telecom companies over USSD and different textual content message transaction requests.

“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,” a March assertion signed by the CBN and NCC partly learn.

The cost is predicted to be withdrawn from customers’ financial institution accounts and remitted to cellular community operators, who present infrastructure for the service to function.

“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 mentioned in its joint assertion in March.

“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.”

Many Nigerians took to Twitter early Friday to specific their dismay over the fees.

There are issues about how the brand new cost will have an effect on monetary inclusion, notably for individuals who shouldn’t have entry to web providers.

Below are among the reactions:

USSD has helped us to realize our cashless coverage, now you need to acquire N6.98 per transaction.

Just say you need to take us backward.#USSD #chioma

— Gabriel Ajigboye (@gabrieldicon) June 4, 2021

Nigeria, my nation. With the entire thing occurring, all banks might take into consideration is imposing extra authorized expenses on #USSD on their prospects. Indeed, we’re in any respect time low. Nothing works anymore.

The poor should survive!

— CDC (@destinychukwu61) June 4, 2021


No info previous to this time, like we have now 7 Naira to spare. What are the leaders bringing to the desk, however they preserve taking meals out from our mouth. #USSD

— Jimol 🎯 (@JimolWest) June 4, 2021


Calculate your spendings, schedule your ATM withdrawals, Get your Mobile App put in. Buy recharge playing cards and preserve.

Say No to #USSD Exploitation.

If you doubt me, ask #ElonMusk and #Tompolo

— Maikel Ndubuisi⚙️ (@iam_maikelbrown) June 4, 2021


I no perceive this garbage oo…abi na the brand new #UAR coverage ni? Let’s even overlook the 6 naira, which one is .98 kobo once more?..they only need to be spoiling particular person cash with this new #USSD coverage… Nigeria by no means onerous sufficient?🙄 pic.twitter.com/tceEEU5d1z

— crown (@A_adedamolav) June 4, 2021


This nation na rip-off o.. even USSD need to begin eradicating expenses ehnn..ahhh#USSD #june12protest #EndSARS pic.twitter.com/uCcuYuEP93

— Natasha Amaka (@Natashagoldd) June 4, 2021


Nigerians should get @TundeIrukera’s Federal Competition and Consumer Protection Council @fccpcnigeria concerned on this problem of cost to be used #USSD. That determination needs to be tripatrite. It will not be okay that solely CBN and NCC will take such determination with out enter by Nigerians

— Solopenja (@solomonapenja) June 4, 2021

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Nigerians Now Charged Compulsory N6.98 For USSD Transactions, Citizens Kick

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