You know those charges your Telecom Service Provider (MTN, Glo, 9Mobile and Airtel) and Banks removes from your account anytime you send money using those CODES or anytime you try to check your account BALANCE? You remember right?
Well, the Nigerian Communication Commission, an Agency of Government that regulates Telecom Companies, has determined that Nigerians and Mobile device users should not pay for those charges as they are services provided to Banks not the customers directly.
That *N4 (Four Naira)* we pay every-time we do a TRANSFER or check our account balance with those codes has been stopped with immediate effect. The determination released by the Government also states that Telecom Companies and Nigerian Banks should come to a mutual business agreement where the Banks pay for the service these telecom companies provide to it directly thereby removing that burden from Customers.
Our Thoughts at the Nigerian Global Affairs Council:
Whilst this is a GOOD Policy Position from the Federal Government, it needs to ensure that Banks and Telecom Companies ADHERE strictly to this new rule, the Federal Commission on Consumer Protection should also be on high alert to ensure customers are not exploited going forward – If the telecom companies and banks continue to deduct these charges, customers need to report them and the FCCP needs to ensure that they are penalized as it amounts to extortion which is ILLEGAL.
We also think that the Central Bank of Nigeria needs to be on notice to ensure that Banks don’t transfer that cost by month-end through ridiculous service charge. This will entirely defeat the purpose of stopping the charges associated with USSD usage.
Lastly for those who do not know what USSD means, this might be a question that can pop up at an Interview or in current affairs – *USSD means Unstructured Supplementary Service Data.*
*Download our Simplify Policy App from Playstore here
Kindly share your thoughts to email@example.com
#PublicPolicy #PolicyInsights #PolicySimplification #Telecoms #Banks #USSDCharges #NIGAC #Think-Tank
*EldaDavid* is a Public Policy Practitioner who works and resides in Lagos, Nigeria. EldaDavid is the President-in-Council and Research Lead for the Nigerian Global Affairs Council – A Technology-based and Digital Media-driven Public Policy and Evidence-based Research Think-Tank that always simplifies Government Policy Positions.