If you are a user of the Unstructured Supplementary Data Service also known as USSD, for your bank transactions, mobile top-up, or other service payments, you will now be charged 6.98 Naira for every transaction you make, regardless of the amount or volume of transaction you make.
The new USSD charge of 6.98 flat is been implemented on the bank’s customers following a disagreement between banks and telecommunication service providers or mobile network providers under the umbrella of the Nigerian Communications Commission referred to as NCC. The banks were alleged to owe a total sum of 42 Billion Naira to the telecoms service providers, which have remained unpaid as a result of some disagreements.
Due to the disagreement and their inability to resolve it in their meetings, the Central Bank of Nigeria- CBN and Nigerian Communications Commission- NCC, resolved it by imposing a new flat fee of 6.98 Naira on every single transaction, as the charge on customers who make use of the Unstructured Supplementary Data Service- USSD.
The banks will now collect the new flat fee of N6.98 on every transaction done and remit same to the respective mobile network provider.
Now if you want to use the USSD service, you would be prompted to agree to be charged 6.98 Naira before you would be allowed to proceed with your transaction.