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The Central Bank of Nigeria has introduced new charges for customers using the Unstructured Supplementary Service Data services.
The apex bank said effective Tuesday, customers will pay a flat fee of N6.98 per transaction every time they use USSD services.
It said the new charges was part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42bn debt owed mobile operators by banks.
This was contained in a statement released on Tuesday and jointly signed by the apex bank’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde.
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Commencing Tuesday, bank customers using the USSD application to send money will be charged a flat rate of ₦6.98 for every transaction.
USSD is the acronym for Unstructured Supplementary Service Data.
According to a joint statement issued on Tuesday by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission, the decision to charge the amount was arrived at during a stakeholders’ meeting chaired by Minister of Communications and Digital Economy, Dr Isa Pantami, on Monday.
It should be noted that Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs), had protracted disagreements concerning the appropriate USSD pricing model for financial transactions.
Quick Heal invests $2 m into Israeli startup
January 14, 2021
Kailash Katkar, Managing Director and Chief Executive Officer, Quick Heal Technologies×
L7 Defense focuses on API security Quick Heal Technologies, an IT security and data protection solutions provider, has announced an investment of $2 million in L7 Defense, an Israel-based cybersecurity startup.
The startup specialises in Application Programme Interface (API) security and next-generation web application firewall (NG-WAF). Quick Heal had already invested $3,00,000 in the startup last year.
Quoting a Gartner report, Quick Heal said about 90 per cent of web-enabled applications would be exposed to cyber-attacks due to the chinks in API weaknesses in 2021.