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CBN: ₦6.98 for All USSD Bank Transactions

In a bid to promote cheaper and seamless access to mobile and financial services in Nigeria, the Central Bank of Nigeria in association with the Nigeria Communications Commission (NCC) have announced that all Unstructured Supplementary Service Data (USSD) bank transactions will cost only ₦6.98.

The joint statement was released after a meeting of both groups and other stakeholders with the Minister for Communication and Digital Economy, Isa Ali Ibrahim on March 15, 2021.

The statement containing both signatures of Acting Director, Corporate Communications, CBN, Osita Nwanisiobi and Director, Public Affairs, NCC, Dr. Ikechukwu Adinde read;

“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.

“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 full statement is in the link below.


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Festus Ezeifedi Chukwuemeka

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