CBN Opposes MTN Over Mobile Banking Transaction Charges

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has kicked against MTN Nigeria’s plan to start charging its subscribers for Unstructured Supplementary Service Data access to banking services from Monday (today).

The governor said this during a media briefing on the sidelines of the annual meetings of the World Bank/International Monetary Fund holding in Washington DC.

Emefiele said on Sunday that such a move would discourage the CBN’s financial inclusion drive.

Emefiele said he had instructed the banks to move their business to any telecom company that would be ready to charge the lowest service rate, if not zero cost.

The Minister of Communications, Dr Isa Pantami, on Sunday, directed the Nigerian Communications Commission to ensure the suspension of the plan by MTN.

The directive followed the announcement by the telco that it would start charging its subscribers for USSD access to banking services on October 21.

A text message sent to its subscribers read, “Yello, please note that from October 21, we will charge N4 per 20 seconds for the USSD access to banking services. Thank you.”

But in a statement issued on Sunday, Pantami said the ministry was unaware of the development, and requested a proper briefing on the matter.

The statement said, “The attention of the Federal Ministry of Communications has been drawn to the viral text message allegedly sent by the mobile network operator MTN Nigeria and other mobile operators notifying subscribers of a N4:00 charge per 20 seconds on the USSD access to banking services from the 21st of October 2019.”

“The office of the Honourable Minister of Communications, Dr Isa Ali Ibrahim Pantami, is unaware of this development and has hereby directed the sector regulator, the Nigerian Communications Commission, to ensure the operator suspends such plans until the minister is fully and properly briefed.”



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