Commercial Banks to Shut Branches Early Ahead of 2023 Election   Deposit Money Banks have announced they will be closing early on Friday, a day ahead of the presidential polls holding nationwide on Saturday. In notices issued by banks to their customers seen by our correspondents, the...

Banks Begin N6.98 USSD Charge, Customers Kick       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...

Banks’ USSD debts to telecom firms hit N47 billion The total debts owed by banks to telecommunications service providers arising from the use of Unstructured Supplementary Service Data (USSD) have risen from N42 billion to N47billion. USSD is a Global System for Mobile Communications (GSM) protocol...

USSD Charges: MTN, Banks To Resume Talks Today       The meeting between MTN and Deposit Money Banks (DMB) that was held in Lagos ended inclusively yesterday and would continue today. One of the regulatory sources, who confided in our correspondent, said the meeting was a hybrid one,...

MTN, Banks To Meet Tuesday, Customers Reconnected To USSD       MTN customers have been reconnected to banking channels after commercial banks had blocked them from using their channels, including the Unstructured Supplementary Service Data and banking apps on Friday. The channels were blocked as a result of...

N6.98 USSD Flat Rate Will Stabilise Payment System - CBN       The Central Bank of Nigeria (CBN) has said the harmonisation of all Unstructured Supplementary Service Data (USSD) fees to a single rate of N6.98 will stabilise Nigeria’s payment system. In a report released yesterday, the apex...