By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
The Catalyst MagazineThe Catalyst Magazine
Notification Show More
Latest News
Tottenham Hotspur Vs Arsenal (0 – 2) On 15th January 2023
SPORT
Chelsea Vs Crystal Palace (1 – 0) On 15th January 2023
SPORT
Big Brother Titans Starts 7pm Today, All You Need To Know And How To Watch
ENTERTAINMENT
Stop These Sexual Acts In 2023
LIFESTYLE
Kunle Afolayan’s ‘Anikulapo’ Tops Most Watched Movies On Netflix Naija 2022 
ENTERTAINMENT
Aa
  • Home
  • News
    • POLITICS
    • TECH
    • SPORT
    • ENTERTAINMENT
    • BUSINESS
    • LIFESTYLE
    • HEALTH
  • Magazines
  • Contact
Reading: Banks commence N6.98 USSD charge, customers kick
Share
Aa
The Catalyst MagazineThe Catalyst Magazine
Search
  • Home
  • News
    • POLITICS
    • TECH
    • SPORT
    • ENTERTAINMENT
    • BUSINESS
    • LIFESTYLE
    • HEALTH
  • Magazines
  • Contact
Have an existing account? Sign In
Follow US
The Catalyst Magazine > Blog > BUSINESS > Banks commence N6.98 USSD charge, customers kick
BUSINESS

Banks commence N6.98 USSD charge, customers kick

admin
Last updated: 2021/06/07 at 9:57 AM
admin Published June 7, 2021
Share
SHARE

naira1000

Some banks have notified their customers that they will start charging them N6.98 for every USSD transactions.

However, experts have said that excessive charges by banks could pose a threat to financial inclusion.

According to them, it will increase cash transactions because many bank customers would avoid using the USSD for transactions and could also discourage the unbanked segment of the population because they would not like to pay such charges over their little deposits.

A message from some of the banks, including Guaranty Trust Bank, First Bank and Fidelity Bank on ‘Update on USSD transactions’ stated, “Please be informed that you are now required to pay a fee of N6.98 to your mobile network provider for every banking transaction carried out on all USSD banking platforms.

“This means that when you send money to anyone using USSD, a fee of N6.98 will be charged to your bank account, which is in turn remitted in full by your bank, to your mobile network provider.

“Please note that airtime and data purchases via USSD are exempt from this charge on USSD platforms.”

The banks urged the customers to make use of other electronic transactions available in the banks to avoid paying the fees.

A former President, Association of National Accountants of Nigeria, Dr. Sam Nzekwe, said too many changes by banks were unfriendly to financial inclusion drive, especially to the un-banked Nigerians.

He said people would prefer to walk into the banking hall to make payments.

“There are many charges that the banks charge the customers, even if you don’t do any transaction. Some of these informal sectors will start running away because they cannot understand the many charges. That is why many of the informal sector still do their transactions by cash.

“What an average customer wants is show me why you should charge me. But you are charging me for many things and at the end of the month you will still charge me again.”

He said banks should be completely open to their customers in their transactions.

A fashion designer, Balogun, said, “I have bank account but I prefer to go to bank and do my things. How much do I have in my account that they want to be deducting charges anyhow?”

You Might Also Like

Dangote to start exporting fertiliser to U.S., Brazil

June 19, 2021

FIRS launches new tax returns platform

Forex: ABCON bans street hawking, moves to cut rate

Binance to empower blockchain engineers in Nigeria, others

admin June 7, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Social Medias
Facebook Like
Twitter Follow
Youtube Subscribe
Telegram Follow

Weekly Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]
Popular News

ICPC, Shippers’ council inaugurate task team for Port Harcourt, Onne ports

admin admin June 23, 2021
My uncle said I’ll die poor, Aisha Yesufu narrates childhood ordeal
Imo police arrest couple, doctor for trafficking siblings for N1m
Buhari appoints Farouk Yahaya new Chief of Army Staff
COVID-19 killed 30 ASUU members, says president
- Advertisement -
Ad imageAd image
Global Coronavirus Cases

Confirmed

0

Death

0

More Information:Covid-19 Statistics

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]

© Foxiz News Network. Ruby Design Company. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?