USSD CHARGES: CBN WILL NOT ALLOW IT-EMEFIOLE

The governor of CBN, Godwin Emefiele, gave the bank’s position at a news briefing by the Nigerian delegation to the just-concluded World Bank/IMF Annual Meetings, in Washington on Sunday, according to the News Agency of Nigeria.

Responding to a question seeking his reaction to the announcement, the CBN governor said the bank would not allow that to happen.

“About five, four months ago, I held a meeting with some telecom companies as well as the leading banks in Nigeria at Central Bank, Lagos,” he was quoted as saying.

“At that time, we came to a conclusion that the use of USSD is a sunk cost. What we mean by a sunk cost is that it is not an additional cost on the infrastructure of the telecom company.

“But the telecom companies disagreed with us, they said it is an additional investment on infrastructure and for that reason they needed to impose it.

“I have told the banks that we will not allow this to happen. The banks are the people who give this business to the telecom companies and I leave the banks and the telecom companies to engage.

“I have told the banks that they have to move their business, move their traffic to a telecom company that is ready to provide it at the lowest possible, if not zero cost.

“And that is where we stand, and we must achieve it,’’ he said.

The banks’ executives, in the latest statement, said charges for financial transactions remain unchanged.

“That the banks are determined to pursue the National Financial Inclusion Strategy of the government and will continue to advocate that telcos identify wholeheartedly with this laudable initiative and implement transparent and low pricing model in the use of USSD access codes,” the statement said.

Advertisements

Categories: ECONOMY, FINANCE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisements

Follow Us

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 186 other followers

Categories

Advertisements
%d bloggers like this: