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USSD Charges: Emefiele Advises Banks To Engage Telcos Who Can Provide Service At Low Cost

Mobile Money and Telcos	1812 VIEWS
Mobile Money and Telcos
1812 VIEWS

Monday, October 22, 2019 / 01:13 PM / Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: THISDAYLIVE

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has advised Deposit Money Banks (DMBs) to engage Telecommunications firms who can provide USSD services in the country at the lowest practical cost.

Mr. Emefiele was speaking at a press conference at the just concluded IMF/World Bank summit in Washington D.C, United States of America.

Responding to developments that have led to the proposed Bankers Committee-sponsored USSD charges by Telcos, the CBN Governor assured Nigerians that as a banking regulator it would ensure that financial services will not create additional burden on citizens.

USSD has been seen by banks and Fintech companies in the country as the biggest medium for deepening financial inclusion and increasing the reach of digital financial services to the unbanked in rural areas.

The Minister of Communications, Dr. Isa Pantami, in a press release yesterday directed the Nigerian Communications Commission, NCC, to suspend the USSD charges by Nigeria's largest Telco, MTN, until the Ministry appraises the scope and reason for the charge.

MTN recently notified its subscribers that from Monday October 21^st, 2019 it will charge N4 for USSD- based SMS.