Nigerians on social media have raised concern over the new cost of using the Unstructured Supplementary Service Data (USSD) for banking services.
The new USSD charge was approved by the Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) in March 2021.
In a joint statement by CBN and NCC in March, financial institutions have agreed to charge customers at N6.98 flat fee per transaction.
“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.”
As the new charges take effect, many Nigerians have taken to the social media to express worries over the development.
@obikoyaemmanuel1 said: “The new USSD charges are a new way of defrauding us in this country. Who cursed us in this country 😭”
@kristayomy said: “My country people, see mtn this early morning. I did ussd transfers yesterday, no network charges. This country is doing the most to frustrate me.”
@_greygirl said: “The funny thing about this ussd thing is Nigerians will complain small and adjust and it’ll be the new normal, wonder when people will take action against these mounting taxes,dollar rates skyrocketing, electricity taxes ridiculous, food items insane! And now ussd charge too?”
“You advised us to do a cashless policy. No you want to bill us for going cashless. Who even started this Ussd policy? SMS charge, Credit charge, Debit charge, Atm charge, USSd charge. Maybe time for traditional banking is coming to an end. Hello Kuda & VFD,” @heynighty said.
