Bank customers in Nigeria using unstructured supplementary service data (USSD) service will hence forth pay a flat fee of N6.98 for each transaction made.

This new charge was agreed by Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs).

This was revealed in a joint statement released by the CBN and the Nigerian Communications Commission (NCC) on Tuesday, the new charges replaces the current per billing structure.

Telcos recently announced their plan to suspend USSD services due to over N42 billion debt owed by financial service providers.

But Isa Pantami, minister of communications and digital economy, had asked the telcos to halt their strike.

READ ALSO:  How Sunday Igboho Was Arrested In Benin Republic

According to the statement, Pantami chaired a meeting of key stakeholders to discuss an amicable resolution in the interest of the general public.

It was resolved that effective March 16, USSD services for financial transactions conducted at DMBs and all CBN – licensed institutions will be charged at a flat fee of N6.08 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,” the statement reads.

READ ALSO:  COVID-19: Nigeria Records Fresh 1,200 Infections And Deaths(See Affected States )

To promote transparency in its administration, the new USSD charges will be collected on behalf of MNOs directly from customers bank accounts. Banks shall not impose additional charges on customers for use of the USSD channel.

“A settlement plan for outstanding payments incurred for USSD services, previously rendered by the MNOs, is being worked out by all parties in a bid to ensure that the matter is fully resolved.”

It noted that the impending suspension of banks from the USSD channel is hereby vacated.

Do you have an information or event for candid reporters to publish or cover? Kindly Call us on 09132987510 or send us message on Whatsapp number 07034623382 or send us an email contact@candidreporters.com

Disclaimer: Candid Reporters publishes news, information, sports, opinions, and Interviews. The site includes both reported and edited content. Unmoderated posts and Comments expressed here do not reflect the opinions of Candid Reporters or any employee thereof..