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CBN announces ₦6.98 charge for USSD transactions

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The Central Bank of Nigeria (CBN) has issued a new order that introduces a new flat fee of ₦6.98 for consumers who use USSD.

On March 15, telecommunications operators were expected to begin removing the Unstructured USSD short code service that banks and other financial service providers rely on to support the banking sector.

The development was made known in a joint statement with the Nigerian Communications Commission (NCC), CBN said the new fee was part of an agreement reached when banks and telecommunications operators met on Monday to discuss the ₦42 billion debt owed to mobile operators by commercial banks.

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