From October 21,2019,USSD for banking services will be N4 per 20 seconds.
This means the telcom company you subscribe to will deduct N12 for every minute you spend when you use a code like *101# to access banking services.
From Monday, October 21, 2019, bank customers, who use Unstructured Supplementary Service Data (USSD) for banking services will now have to pay N4 per 20 seconds.
In a bid to inform bank customers of the new charge, telecommunication companies have sent notifications to customers using their platforms to access banking services.
A message from MTN to their customers reads, “Yello, as requested by your bank, from Oct 21, we will charge N4 per 20 second for USSD access to banking services. Thank you”
This means, when you use a code like *111# to access a banking service, you’ll be charged N4 for 20 seconds.
However, before the introduction of the new USSD charge, telecommunication companies were charging customers per USSD session.
This charge differed across networks as the N20 was the highest charge for every minute spent on the USSD channel.
But with this new charge, customers will be charged N12 for every minute spent on the channel.
Nigerians react to the new USSD charge
Since telcos notified their customers on the new USSD charge, Nigerians have taken to social media to share the message they received from them and express their opinions on the development.