The Central Bank of Nigeria (CBN) has placed a ₦6.98 service fee on all USSD transactions for Nigerians.

From March 16, Nigerians will pay a flat rate of ₦6.98 per transaction while using USSD, according to a joint statement from the apex bank and the Nigerian Communications Commission (NCC).

Following a disagreement between banks and telecom companies over USSD and other text message transaction demands, the settlement was concluded as part of an arrangement with banks.

“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,” the statement partly read.

“This replaces the current per session billing structure, ensuring a much cheaper average cost for customers to enhance financial inclusion. This approach is transparent and will ensure the amount remains the same, regardless of the number of sessions per transaction.

“To promote transparency in its administration, the new USSD charges will be collected on behalf of MNOs (Mobile Network Operators) directly from customers’ bank accounts. Banks shall not impose additional charges on customers for us of the USSD channel.”

The payments, according to the CBN, were part of the settlements signed after banks and telecommunications firms agreed on Monday to negotiate a ₦42 billion debt owed by banks to mobile operators.

Last week, the federal government ordered telecommunications providers to delay their expected suspension of USSD services due to bank debt.

See the statement below