Business

Banks now charge N6.98 per USSD transaction, angry Nigerians reacts

Published

4 years ago

June 4, 2021

Commercial banks and mobile network providers have started charging customers a flat rate of N6.98 per transaction every time they use the Unstructured Supplementary Service Data (USSD) service..

The new charge followed the announcement made in March by the Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC)

“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,” CBN and NCC spokesman Osita Nwanisobi and Ikechukwu Adinde had said in the statement.

The charges were part of the agreement reached when banks and telecommunication operators discussed the N42 billion debt with the apex bank and the NCC after network providers threatened to withdraw the service from banks as the accumulated debt remained unpaid.

In the statement, both the CBN and NCC assured that it would collect the new USSD charge on behalf of network providers directly from customers’ bank accounts and would not impose any extra charges on customers to use the USSD service. Both bodies noted the new payment arrangement would be cheaper for customers to enhance financial inclusion.

Nigerians have taken to social media to comment on the news USSD fee.

Finally, USSD is no longer free to use pic.twitter.com/VfleQpWgvm
— Your Gist Partner (@GistPaddy) June 3, 2021

Fcmb @MyFCMB come and explain this

Because every time I want to use USSD, it is bringing this up

I want to understand 🤔 pic.twitter.com/Sl9gLvlUsg
— JayNaija Blogger (@JaynaijaBlog) June 4, 2021

This new USSD charges is a new way of defrauding us in this country. Who cursed us in this country 😭
— obikoya Adebowale (@obikoyaemmanue1) June 4, 2021

USSD? 😂😂
Police Dey Job Citizens
Govts dey over Tax Citizens
Fuel ⛽ 163.9
Transportation 📈
NEPA Dey Send Bill without Light💡
USSD now @ N6.98??

Naija Go Frustrate You. pic.twitter.com/eIKr5fBcuN
— RIO♥️ (@mandu_preye) June 4, 2021

So USSD brought his own wahala from Nigeria into this our new United African Republic? Hey gawd! 🤦🏾‍♂️ pic.twitter.com/mz92sIBjEU
— ᴍᴇʀᴇᴍ ꜱᴀᴍᴜᴇʟ (@meremsamuel_) June 4, 2021

My country people, see mtn this early morning
I did ussd transfers yesterday, no network charges
This country be doing the most to frustrate me pic.twitter.com/RuSXUOCtZ6
— Christiana A. Showunmi (@kristayomy) June 4, 2021

So USSD service provider for banking is now N6.98.

Maybe it's because Nigeria is no more Nigeria we are now in United African Republic pic.twitter.com/EYTnv8PV3q
— Mayowa olagunju ❁ (@iam_doctormayor) June 4, 2021

I use my ussd code more than 3 times a day 😭😭😭

That’s 18 Naira

18×7 ie in a week = 126 Naira

Ie 504 Naira in a month.

6,048 Naira in a year

Multiply this by other 10k people who use Usd code ahhhhhhhh

Nigeria is after our Life😩😩😩😩😩 pic.twitter.com/0XgQWmEuGz
— LISA MBARGA 🦋 (@Lisambarga) June 3, 2021

The funny thing about this ussd thing is Nigerians will complain small and adjust and it’ll be the new normal, wonder when people will take action against these mounting taxes,dollar rates skyrocketing, electricity taxes ridiculous, food items insane! And now ussd charges too??
— mimosa (@_greygirl) June 4, 2021