Tuesday, December 7

Tag: USSD

Nigerians now charged compulsory N6.98 for USSD transactions
News

Nigerians now charged compulsory N6.98 for USSD transactions

Many customers of USSD services in Nigeria on Friday have said a pop-up message has notified them of the new N6.98 charges for each transaction. USSD is a critical channel for delivering financial services, especially for those who do not have access to physical banking infrastructure or internet services. “Welcome to USSD Banking,” one notice said. “Please note, a N6.98 network charge will be applied to your account for banking services on this channel.” The decision to charge users was reached in March by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), Channels reported. The decision was part of an agreement reached with deposit money banks following a disagreement between banks and telecom firms over USSD and other text message transac...
USSD: Banks Deny Owing MTN Nigeria, Other Telcos
Business

USSD: Banks Deny Owing MTN Nigeria, Other Telcos

Deposit Money Banks (DMBs) in the country are not indebted to MTN Nigeria and other phone companies for using Unstructured Supplementary Service Data (USSD) platforms to provide payment services, the Chief Executive Officer, Access Bank, Herbert Wigwe has said. Bloomberg yesterday quoted him as saying on an investor call on Thursday that: “There is no such thing as an obligation due from banks to telcos. We chose not to make a public statement out of it because it is not appropriate for us to be found fighting with telcos in public.” Wigwe is the chairman of the Body of Bank CEOs that has been in discussion with MTN Nigeria to resolve a dispute that led some banks to cut off the company from their banking platforms last week. This was after MTN, the nation’s biggest telecom se...
USSD: MTN Snubs Banks, Links 77 Million Subscribers To FINTECH Platforms
Business

USSD: MTN Snubs Banks, Links 77 Million Subscribers To FINTECH Platforms

MTN customers in Nigeria now have alternative electronic payment platforms to recharge their phones as the mobile network operator on Saturday announced that customers can recharge airtime through payment solutions platforms such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay for customers to recharge virtually. MTN in a statement on Saturday by its Senior Manager, External Relations, Funso Aina, also said customers could recharge airtime by dialing *904# and *606#. This is coming barely 24 hours after commercial banks on Friday disconnected MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrati...
Banks, MTN Dispute Over USSD, Airtime Fees Deepens
Business

Banks, MTN Dispute Over USSD, Airtime Fees Deepens

There were strong indications last night that some commercial banks may have yanked off their USSD, airtime purchase, and other online services from MTN network due to the disagreement between the financial institutions and the telecommunication company on the amount to be charged. THISDAY gathered that the bank Chief Executive Officers had at a recent meeting agreed to shut down purchase of MTN services across all their channels beginning from 11 pm last night until further notice. Attempt by THISDAY to purchase airtime from GTBank last night showed that the commercial bank had removed MTN among the network its customers could purchase airtime from. However, Fidelity Bank was still offering the service as of midnight. A source close to the banks explained that the disagree...
Banks, Telcos To Make Over Half A Billion Naira On New USSD Charge
Business

Banks, Telcos To Make Over Half A Billion Naira On New USSD Charge

Nigerian banks and telecommunication companies will realise at least N564 million in the next 12 months as proceeds from the new mobile banking fee approved by the Central Bank of Nigeria, according to PREMIUM TIMES estimates. The CBN and the Nigerian Communications Commission this week settled a prolonged row between banks and telcos by imposing a new fee for the banks’ short-code service, known as USSD, which allows millions of Nigerians to use their mobile phones to access financial services daily. The Association of Licensed Telecommunication Operators of Nigeria (ALTON) said its members were owed N42 billion by banks and threatened to suspend the service. Starting Tuesday, March 16, subscribers now pay a flat rate of N6.98 each time they use the USSD for banking transacti...
An Open Letter To MTN With Regards To Their Recycling Of Numbers
News

An Open Letter To MTN With Regards To Their Recycling Of Numbers

Dear MTN.. I am going to be very brief on this, but I would make my points very clear. You people had been doing “recycling of numbers” of innocent Nigerians who had not used their lines for up to one year or more, and the only remedy you guys put in place was to introduce a service known as “Keep My Line”, which you guys did not even sensitize the citizens on or make popular enough, and as a result, lots of the helpless Nigerian citizens did not even know about this service. This had cause a lot of people to loose their precious numbers just like that, only because they had the opportunity of travelling abroad for some jobs or for studies, or maybe for one serious reason or another had a good cause to temporarily abandon their main lines for more than one year.. MTN, you gu...
Leaked Memo Shows Banks Asked Telcos To Charge For USSD
News

Leaked Memo Shows Banks Asked Telcos To Charge For USSD

Nigerian banks proposed to telecom companies to charge customers directly for USSD services, a memo seen by TheCable has revealed. This seems to contradict the public denial by bank CEOs on Monday. They said the decision “on whether, and what amount, to charge a customer for accessing USSD is entirely that of the telco company, in the same way a customer is billed for calls, SMS and data”. In a letter to the Association of Licensed Telecommunications Operators of Nigeria (ALTON) by the Body of Banks’ Chief Executive Officers (BOBCEO) dated September 16, 2019, the bank MDs had proposed an “orderly implementation” of end-user billing for bank customers, “aligning with the standard practice for USSD billing.” They said: “Customers using non-bank services already pay for USSD session...
We Didn’t Ask MTN To Charge For USSD – Banks
News

We Didn’t Ask MTN To Charge For USSD – Banks

Commercial banks on Monday denied instructing MTN to deduct charges for USSD. In an advertorial, the lenders, acting under the aegis of Body of Bank CEOs said its attention had been drawn to a text message sent by the telco concerning the issue. “Our attention has been drawn to SMS sent on Saturday 19th October by MTN Nigeria Communications PLC to customers of banks in Nigeria in respect of the above. The message states that the banks requested MTN to start charging customers for USSD transactions directly. It also ask customers to contact their banks for more information. We wish to state as follows: “That the banks did not ask MTN to start charging customers as contained in the text message. The decision on whether and what amount to charge a customer for accessing USSD i...
Don’t Panic; No Nigerian Bank Is Distressed – Godwin Emefiele
News

Don’t Panic; No Nigerian Bank Is Distressed – Godwin Emefiele

As CBN comes hard on telcos extorting banks, customers with USSD Amaechi Ogbonna, and Juliana Taiwo Obalonye, Washington DC Governor of the Central Bank of Nigeria ( CBN), Mr Godwin Emefiele, yesterday, allayed fears over speculated distress syndrome in Nigeria’s banking industry following seven banks failures to scale its recent stress tests.Emefiele who made the clarification at a briefing to roundoff the 2019 annual meetings of the International Monetary Fund and the World Bank in Washington DC, said the Nigerian banking industry still stands on a sound footing hence the widespread speculations about insolvency should be ignored by the banking community.The governor said “First, I will reiterate that the strategic health of the Nigerian banking industry remains very strong. The ...
Banks To Charge You For Recharging Via USSD As From October 21
News

Banks To Charge You For Recharging Via USSD As From October 21

USSD airtime recharge option is one of the fastest, (in fact the fastest on some occasions) and the easiest. It also comes in very handy when traveling or stranded in a new location and you are in need of urgent top-up for either data or voice calls. It is far better than even the banks’ apps and third party apps in terms of convenience, since you do not need to login and go through the hassle of typing a password. USSD does not also requires internet connection to get your airtime topped-up. In fact, one of thing that makes it preferable to other options is that It is completely free, but that is about to change as banks will soon start charging people for using USSD to top-up. MTN has started sending SMS to its customers regarding the End User Billing for Bank USSD Services. The...
Google, UBA Collaborate To Provide Free Wi-Fi to Customers
News

Google, UBA Collaborate To Provide Free Wi-Fi to Customers

Africa’s global bank, United Bank for Africa (UBA) Plc has collaborated with Google and ISP partner to launch Google Station in 11 key UBA branches in Lagos State as part of plans to roll out 200 stations in the country. Google Station, a platform for providing free, high-speed Wi-Fi hotspots in public places, began in Lagos last year, and extended to Abuja in December in partnership with Backbone Connectivity Network. This google-powered initiative would allow customers access to internet connectivity within the 11 branches and its environs, thereby facilitating their day-to-day businesses and activities, while ensuring unhindered connectivity. The 11 branches where the hotspot will be located are: UBA Bank Road, 810-811 Bank Road, Daleko; UBA Matori, 21 Fatai Atere street; UBA S...
The Legal Considerations Of Running A Fintech Startup In Nigeria
News

The Legal Considerations Of Running A Fintech Startup In Nigeria

The core business of the FinTech sector revolves around financial services which are, as such, regulated activities. Generally, it is common for FinTech startups to enter into relationships with existing operators within the financial industry by way of service level agreements or technical partnerships which, amongst other benefits, allows these startups to deliver their services under the partner/client financial institution’s existing licence. However the alternative method is for a startup to operate on its own steam by meeting the requirements to obtain the requisite licences although this method requires significant capital outlay. As such, FinTech startups that are seeking to exploit the significant market opportunities in Nigeria are bound to run into several regulatory compl...

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