CBN RELIEF: HOW THE NIGERIAN BANKING SECTOR IS ROBBING CUSTOMERS BLIND

The CBN governor announced today that Nigerians will now be charged a flat fee of N6.98 for every USSD transaction, effective today, March 16, 2021, according to the Central Bank of Nigeria (@cenbank). He continually note that; The general public is reminded that the USSD channel is optional, as several alternative channels such as mobile apps, internet banking, and ATMs may be used for financial transactions."

Whatever the USSD charges mean is left to be widely understood, but up until now, the Nigerian bank users have been charged for the following transactions; A withdrawal of N5,000: will cost the following;  N4 alert,  N6.98 USSD charges, N26.88 interbank transfer. On another ATM, N65, Reciever get charged N50 stamp duty, End of month ATM maintenance charge N100+, If it’s on POS at least N100. This shows that the system isn't merciful to the poor.

CBN says Nigerians will now be charged a flat fee of N6.98 for every USSD transaction. Hence the N10 - N25 banks are charging before is no longer in effect. Besides using other bank ATMs cost N35 after the third transfer in a month. This is suppose to be the right narrative for the scenario, but an average Nigerian can gladly testify it's not so, hence the new directives which is expected to take effects as from today will shed more lights on the real situation in this regards.

But it seems the inter bank transfer charges, stamp duty, alert charges, ATM maintenance fee still stands and N6.98 is also joining as well. Instead of relieving burden, Nigeria would only add more. This is right because the use of USSD will help to understand this phenomenon, there has always been charges of #10-#20 on the use of USSD and all other charges has alwys been there as well (10 ~ on mobile banking etc...) USSD was charged per session/ 20 sec before and use minimum of 2 sessions but now it is flat. ATM can only charge N35 after the 3rd transaction on other banks this has been on for months now.