E-Financial
NCC, Others to Meet over USSD Charges
Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN), and Body of Bank CEOs are to meet to resolve the dispute surrounding charges for use of Unstructured Supplementary Service Data (USSD), the Nation reported.
First Bank USSD Account Opening
According to Wikipedia, ‘USSD, sometimes referred to as “Quick Codes” or “Feature codes”, is a communications protocol used by GSM (global service for mobile communications) cellular telephones to communicate with the mobile network operator’s computers. But it is now used for transferring cash and transacting other banking services by customers in line with the cashless policy of the CBN.
According to the Nation. the USSD services of the lenders include GTB’s *737#; First Bank’s *894#; Fidelity Bank’s *770#; Access Bank’s *901#; and UBA’s *919#. They all run on telecoms infrastructure.
While there is an initial charge of N50 by the bank, which will be retained, customers who use the USSD will be made to pay additional N4, which would have automatically translated to double billing.
The meeting, which would hold early in the new year, would be at the instance of the NCC and the CBN. It is expected, among other things, to end the bickering by the telcos over their denial to charge customers for using the platform for banking transactions.
The telcos had threatened to invoke the relevant sections of the Nigeria Communications Act 2003 by disallowing the banks further access to the USSD link over the conspiracy of silence by the relevant stakeholders after Dr Isa Pantami, Communications and Digital Economy minister, had ‘directe’ the NCC to bar the telcos from collecting charges for use of the infrastructure they built with their cash.
But a source in the NCC said the regulator had not abandoned the telcos.
“We are on top of the situation. We have not abandoned the telcos as alleged. You know the issue concerns multiple stakeholders. You will agree with me that it is not so easy to iron the matter because of this. But let me assure you that as a responsive regulator, we will collaborate with the CBN as we did during the 9mobile crisis to prevent any problem. You should also remember that this issue at stake touches that heart of the policy of the Federal Government,” the source said.
Gbenga Adebayo, chairman, Association of Licensed Telecoms Companies of Nigeria (ATCON), said the USSD channel has evolved from a telco exclusive channel used for only telco services, such as balance inquiry and recharges, to a channel being utilised for the deployment of financial, insurance, agricultural and government services, etc. The USSD channel is delivered using the Standalone Dedicated Control Channel (SDCCH) which is also used for call set-up, SMS set-up, and delivery.
Similar to the other telco services such as SMS, voice and data, network resources are utilised in the provisions of USSD services and as such there are significant costs associated with deploying and maintaining the service.
“The banks, however, identifying the convenience of delivering services to its customers over the USSD channel applied to the NCC for USSD codes to deliver these services. USSD Shortcodes were thereafter issued to the banks and as is expected, they became fully responsible for the charges associated with delivering services to their customer through these shortcodes.
“To accelerate the adoption of financial services on USSD, the banks partnered our members to zero-rate the USSD access to end-users, while the banks bore the cost for the provision of service,” he said.
Based on this arrangement, the banks took on the responsibility of billing customers and paid our members for use of the USSD infrastructure from the service fees deducted from the customer’s bank account.
These service fees charged by the banks were however far over the costs remitted to our members by the banks for providing the USSD platform and have since remained so.
“Following the issuance of the USSD Pricing Determination by the N CC which resulted in a price review of USSD service by our members, the banks stated that they would no longer pay for USSD service delivered to their customers and requested our members to charge customers directly for use of the USSD channel. This billing methodology where the Banks customer is directly charged USSD access fees by our members irrespective of the service charges that the bank may subsequently apply to the customers’ bank account is called “End-User Billing” which the banks specifically demanded that all our members implement. The banks, however, provided no assurances to our members that such service fees charged to customers’ bank accounts for access to bank services through the USSD channel will be discontinued post-implementation of end-user billing by our members,” Adebayo said.
He said the removal of these service fees by the banks would have meant that if bank customers were charged only the USSD costs communicated by our members per USSD session, bank customers will be paying far less than what they are currently being charged by the banks which in some instances are as high as N50.
“Our members were however concerned that the banks were unlikely to discontinue the USSD service fees charged by the banks when customers utilise the USSD channel thereby resulting in double and overbilling, whereby our members charge consumers for the USSD access from their airtime and the Banks still proceed to charge the same consumers a service charge from their bank accounts. In the interest of the consumers, our members challenged the implementation of end-user billing until a formal request for its implementation was received from the Body of Bankers Chief Executive Officers and several banks specifically demanding that end-user billing be implemented.
“In view of the opposition to the implementation of end-user billing by customers, our members, as responsible and responsive corporate citizens are committed to safeguarding consumer interests, and in this regard, we are willing to explore mutually beneficial solutions which ensure that costs associated with the provision of USSD services as determined by the NCC are fully recovered by our members and customers are not billed twice for the same service and by different institutions which is what end-user billing advocat
The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.
L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.
The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.
Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.
“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.
“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.
This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.
“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.
The draws for the new season are going to be the same like the previous ones as it will be held in different regions.
“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.
At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.
Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.
Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.
One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.
She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.
The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.
To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.
However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.
DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years. Please click HERE to learn more.
Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.
Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.
The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.
In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.
Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.
She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.
“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”
Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”
Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.
As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.
The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.
Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.
This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.
By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.
Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.
“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”
The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.
The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge
NITDA, NIMC Partner for Seamless Data Exchange Capabilities
FG Plans EO to Criminalise Fiber Cable Damage Costing Telcos Billions
See Full List of Fake Loan Apps Blacklisted By CBN
FIRS Files Tax Evasion Charges against Binance
IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa
AXA Mansard Empowers Female SMEs with Financial, Digital Skills
Moniepoint Study Reveals How Strong Cultural Bonds, High Levels of Trust Drives Nigerian Family Businesses
News3 days agoQNET Raises Alarm over Fraudulent Use of Foundation’s Name in Nigeria
News3 days agoSoftTalk Messenger Introduces Chat and Make Calls without Sharing your Phone Number
Telecom3 days agoStarlink Users in SA to be Cut Off April 30
Telecom3 days agoNCC Advises Subscribers to Opt for Strong Passwords to Beat Hackers
Broadcasting3 days agoCanal+ Offer for MultiChoice Gains Shareholders’ Support
Telecom2 days agoImperative of Upholding Nigeria’s Telecoms Lifeline
E-Financial3 days agoFidelity Bank Reports N124.3Bn Pre-Tax Profit for 2023
Telecom3 days ago9mobile Clinches 2 Trophies at the Prestigious SABRE Awards 2024