CBN Opposes MTN over mobile banking transaction access

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Godwin Emefiele CBN Governor

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has kicked against MTN Nigeria’s plan to start charging its subscribers for Unstructured Supplementary Service Data access to banking services from Monday October 21, 2019.

The governor said this during a media briefing on the sidelines of the annual meetings of the World Bank/International Monetary Fund holding in Washington DC. Emefiele said on Sunday that such a move would discourage the CBN’s financial inclusion drive.

He said, “About five months ago, I held a meeting with some telecom companies as well as the leading banks in Nigeria and the issue of USSD came up. “At that time, we came to the conclusion that the use of USSD is a sunk cost, which is not an additional cost on the infrastructure of the telecom companies. But the telecoms companies disagreed with us and said it is an additional investment and they needed to impose it.”

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