Outrage as Cental Bank Of Nigeria (CBN) PEGS USSD service charge at N6.98

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LagosBwoi

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Mar 16, 2021
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The announcement which was made on the 16th of March, 2020 was met with outrage by Nigerians on social media, claiming the Nigerian government is just out there to make life frustrating for her citizens, even after recently increasing the price of petrol to N212 from N167.

Nigerians have had to pay numerous charges to financial institutions, one of them which is ‘Stamp Duty’ charges, charged on every transaction above N10,000.

Customers use the USSD provided by service providers to carry out transactions with their registered number on their bank accounts. It will be noted that telecoms service providers charge customers per session, deducting from their airtime balance, which banks also charge customers from N10-N50 per session.

This new development means the banks will not charge customers additional fees for using the USSD to carry out operations, but charges will be collected from their accounts on behalf of service providers. Which both parties will work out a settlement plan to share the revenue. It is to be known that telecom operators claim banks are still owing them N42bn generated from USSD in time past.

Other channels can be used to avoid being charged N6.98, which is the use of ATMs, internet banking and mobile app platforms, as the use of the USSD is one out of many options to carry out seamless transaction on your account without entering the banking hall. Though the USSD is at advantage for Nigerians who don’t own a smartphone.