Esther Odediran
CBN (Central Bank of Nigeria) new USSD charge law has caused an uproar in Nigeria. The new USSD (Unstructured supplementary service data) law which is a disadvantage for customers and certain advocates of financial institutions but will make banks and telecom companies profit.
The new rate of N6.98 is being charged each time the USSD for banking transactions is being used however, the regulators said the billing will “ensure a much cheaper average cost for customers to enhance financial inclusion”.
Concerning CBN New USSD charge law its official says;
To promote transparency in its administration, the new USSD charges will be collected on behalf of MNOs directly from customers’ bank accounts.
The Central Bank of Nigeria USSD charge reformed law will be very profitable for banks and Telecoms earning them hundreds of million annually.
Starting Tuesday, March 16, subscribers will be charged a flat rate of N6.98 each time they use the USSD for banking transactions, the CBN said, a move that has angered customers and alarmed advocates of financial inclusion.
Read Also: #ENDSARS: Buhari Issues Out A Restrain Order
However, there is an outstanding accumulated charges of about 42 billion naira which caused the intervention of the Federal Government at the weekend as stakeholders insisted that it’s better the issue get resolved now and have the CBN New USSD charge law implemented.
The regulatory bodies admitted that;
Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) have had protracted disagreements concerning the appropriate USSD pricing model for financial transactions.
The joint statement by Acting Director of Corporate Communications, CBN, Mr Osita Nwanisobi and the Director of Public Affairs of NCC, Dr Ikechukwu Adinde added that the disagreements had resulted in the accumulation of outstanding fees for USSD services rendered leading to potential service withdrawal by the MNOs.
CBN New USSD charge law will turn out to be a treasure mine for banks but a great lose to customers.
