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Banks Commence N6.98 USSD Charge, Customers Kick

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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 transactions because many bank customers would avoid using the USSD for transactions and could also discourage the unbanked segment of the population because they would not like to pay such charges over their little deposits.

A message from some of the banks, including Guaranty Trust Bank, First Bank and Fidelity Bank on ‘Update on USSD transactions’ stated, “Please be informed that you are now required to pay a fee of N6.98 to your mobile network provider for every banking transaction carried out on all USSD banking platforms.

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“This means that when you send money to anyone using USSD, a fee of N6.98 will be charged to your bank account, which is in turn remitted in full by your bank, to your mobile network provider.

“Please note that airtime and data purchases via USSD are exempt from this charge on USSD platforms.”

The banks urged the customers to make use of other electronic transactions available in the banks to avoid paying the fees.

A former President, Association of National Accountants of Nigeria, Dr. Sam Nzekwe, said too many changes by banks were unfriendly to financial inclusion drive, especially to the un-banked Nigerians.

He said people would prefer to walk into the banking hall to make payments.

“There are many charges that the banks charge the customers, even if you don’t do any transaction. Some of these informal sectors will start running away because they cannot understand the many charges. That is why many of the informal sector still do their transactions by cash.

“What an average customer wants is show me why you should charge me. But you are charging me for many things and at the end of the month you will still charge me again.”

He said banks should be completely open to their customers in their transactions.

A fashion designer, Balogun, said, “I have bank account but I prefer to go to bank and do my things. How much do I have in my account that they want to be deducting charges anyhow?”

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Naija News

Ten More Kidnapped Bethel Baptist School Students Regain Freedom

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Ten More Kidnapped Bethel Baptist School Students Regain Freedom

Ten more abducted students of Bethel Baptist Secondary school in Kaduna State have regained their freedom.

This is the fourth batch of the students released so far by their abductors.

The police are yet to confirm the development, but a top official of the school told Channels Television that the 10 students were released on Sunday afternoon, after an unspecified amount of money was paid as ransom to the kidnappers.

He also expressed optimism that the bandits will release the remaining eleven kidnapped students still in captivity in no distant time.

A total of 121 students of Bethel Baptist Secondary school in Chikun Local Government Area of the state were abducted by bandits from their hostels on July 5, 2021.

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The students were later released in batches after their parents reportedly paid ransoms to their abductors.

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COVID-19 interventions cost 3.5% of Nigeria’s GDP – CBN

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COVID-19 interventions cost 3.5% of Nigeria’s GDP – CBN

The implemented initiative of the Central bank of Nigeria to mitigate COVID-19’s economic impact accounted for about 3.5% of Nigeria’s Gross Domestic Product.
Godwin Emefiele, the CBN Governor stated this during his presentation at the 30th annual conference of financial reporters.
Emefiele was represented at the event by the apex bank’s spokesperson, Osita Nwanisobi.
Cumulatively, the bank’s intervention efforts represented about 3.5% of the GDP.”
He explained that the policy measures included a cumulative reduction of the monetary policy rate from 13.5% to 11.5% between May and September 2021 in order to spur lending to the economy and support the current recovery of output growth; Reduction of the interest rate on CBN intervention loans from nine to 5%; and a one-year extension of the moratorium on principal repayments for CBN intervention facilities.
The Coronavirus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveals that as of 23rd of September, 203,514 cases have been confirmed, 191,950 cases have been discharged and 2,668 deaths have been recorded in 36 states and the Federal Capital Territory.

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A total of 2.99 million tests have been carried out as of 23rd September 2021.

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FG Sets Up Committee on Recovery of Illegally Refined Crude Oil

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FG Sets Up Committee on Recovery of Illegally Refined Crude Oil

In a bid to block revenue leakages, the federal government, on Thursday, inaugurated an inter-ministerial committee to tackle illegal refinery of crude oil in the niger delta region of the country.

 

Members of the committee, who took their oath at the office of the attorney-general of the federation and minister of justice, abubakar malami, san, were drawn from the ministry of defense, the Nigerian army, the navy, defense headquarters, the Nigerian security and civil defense corps, the Nigerian national petroleum corporation, NNPC.

 

As well as from the federal ministry of justice, the ministry of environment, the department of petroleum resources, and the national oil spill detection and response agency.

 

The solicitor-general of the federation and permanent secretary of the federal ministry of justice, umar mohammed, who represented the AGF at the event, said the major mandate of the committee, was the recovery of illegally refined petroleum products in the dug-up pits found around the creeks of the niger delta.

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According to him, in line with the policy of the current administration on security and economy, as well as the preservation of the environment from negative hazards. The office of the attorney-general of the federation and minister of justice, in collaboration with all stakeholders, have put in place a mechanism for effective and efficient management of illegally refined products recovered from dug-up pits found around the creeks of the niger delta.

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