Nigerians Begin Payment of N6.98 Per USSD Bank Transaction

Nigerians will henceforth pay N6.98 for each USSD transaction session starting this month of June, according to a report by DailyPost.

USSD is mainly used by Nigerians who do not have access to the internet.

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

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) decided to charge users in March this year.

The decision was part of an agreement reached following a disagreement between banks and telecom firms over USSD and other text message transaction requests.

A joint statement signed by the CBN and NCC said “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.”

The charge will be removed from users’ bank accounts and remitted to mobile network operators.

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