CBN Directs Banks To Shun Telcos That Increase USSD Charge

Following a new notice to subscribers by telco companies concerning new charges, the CBN has intervened.

The Central Bank of Nigerian (CBN) has directed banks to shun telecommunication providers that increase USSD charge.

The CBN governor, Godwin Emefiele, said since the Telcos are adamant about increasing the charge, banks should move their business to any Telco that is ready to offer the service at a lower cost.

It was earlier reported that customers who use unstructured supplementary service data (USSD) channels to access banking services would have to pay new charges from October 21.

Some telecommunications network service providers have sent notices to their customers on the new charges