N6.98 USSD flat rate will stabilise payment system in Nigeria, says CBN

The Central Bank of Nigeria (CBN) has said the harmonisation of all Unstructured Supplementary Service Data (USSD) fees to a single rate of N6.98 will stabilise Nigeria’s payment system.

In a report released yesterday, the apex bank said the exercise, which has the backing of key stakeholders, including the National Communication Commission (NCC)  will boost bank customers’ confidence in the payment system, bring more unbanked and underbanked to the financial system and ensure sustainability of the services to e-payment customers.

According to the apex bank, all USSD charges will henceforth be collected directly from customers’bank accounts on behalf of Mobile Network Operators (MNOs)  to promote transparency in its administration.

The apex bank said the new plan replaces the per session billing structure, ensuring a much cheaper average cost for customers to enhance financial inclusion adding that the approach is transparent and will ensure the amount remains the same, regardless of the number of sessions per transaction.

It said the wide acceptance and usage of the USSD shows that it remans  the best and fastest available communications technology that delivers mobile financial services to low-income customers.

The apex bank said it will continue to engage relevant operators and all stakeholders to promote cheaper, seamless access to mobile and financial services for all Nigerians.

-The Nation