GTBank, Polaris Bank, Others Now Debiting New Fee On Customers' Accounts for USSD Code

GTBank, Polaris Bank, Others Now Debiting New Fee On Customers' Accounts for USSD Code

- Nigerian bank customers will now be debited almost N7 for every transaction that they carry out on their lender's USSD code

- Guaranty Trust Bank and Polaris Bank are some of the financial institutions that have begun to affect the charge which will be transferred to telecommunications companies

- Not every transaction will be debited according to Polaris Bank, but customers have been told to use other digital channels if they don't want their accounts to be deducted

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Guaranty Trust Bank (GTBank) and Polaris Bank are now charging their customers for every transaction done with the Unstructured Supplementary Service Data (USSD) code.

The financial institutions said they debiting customers account on behalf of telecommunications companies; MTN Nigeria, Glo, Airtel Nigeria and 9mobile.

While excluding airtime and data purchase, it was gathered that customers' bank accounts will be debited N6.98 kobo for transactions such as transfers and other bill payments done on the USSD banking.

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Customers were advised to take advantage of other digital banking channels, as persons that refuse to accept the USSD charge when the box pop up, will be denied access to features on the quick code.

GTBank, Polaris Bank, Others Now Debiting Customers' Accounts for USSD Code
GTBank and Polaris Bank logo. Photo: GTBank and Polaris Bank
Source: Facebook

In a statement sent to its account holders, Polaris Bank said:

“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.
“This means that when you access any banking service 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."

Meanwhile, had previously reported that Nigerian tech founders are not pleased with the ban of Twitter by President Muhammadu Buhari during the week.

They complained that the action will discourage investors from investing in the country which is already crippled by a lack of basic amenities that affect the cost of operation.

The tech founders also said banning Twitter operation will cost many their jobs and affect the income of individuals and companies that are using the platform for revenue opportunities.


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