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Banks Begin N6.98 Deduction on USSD Transactions

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Bank customers using the unstructured supplementary service data (USSD) payment channels will now pay a flat fee of N6.98 per transaction — replacing the current N4.89 session billing structure.

Banks Begin N6.98 Deduction on USSD Transactions

Deposit Money Banks (DMBs) on Friday commenced the implementation of the new charges.

The implementation of the new billing structure comes more than two months after mobile network operators (MNOs) announced plan to suspend USSD services over N42 billion debt owed by financial service providers.

However, the suspension of the service was halted following intervention of Isa Pantami, minister of communications and digital economy.

Following the minister’s intervention, the MNOs and DMBs agreed to reduce the charge on customers.

In March, a joint statement released by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) noted that the new N6.98 per transaction provides a cheaper average cost for customers and enhance financial inclusion.

“This replaces the current per session billing structure, ensuring a much cheaper average cost for customers to enhance financial inclusion. This approach is transparent and will ensure the amount remains the same, regardless of the number of sessions per transaction,” the statement read.

“To promote transparency in its administration, the new USSD charges will be collected on behalf of MNOs directly from customers bank accounts. Banks shall not impose additional charges on customers for use of the USSD channel.

“A settlement plan for outstanding payments incurred for USSD services, previously rendered by the MNOs, is being worked out by all parties in a bid to ensure that the matter is fully resolved.”

On Friday, MTN Nigeria also confirmed the implementation of the plan, saying the deductions will commence on June 3.

“Effective 3rd June, 2021, each USSD Banking transaction will attract a charge of N6.98 exclusive of VAT for use of the USSD Banking channel. The money will be deducted from your bank, by your bank,” the teleco tweeted in response to an inquiry.

Ikechukwu Adinde, director of public affairs at Nigeria Communications Commission (NCC), told The Cable that said the policy is not new, and it ought to have been implemented in March 2021.

“If banks delayed it and they are just implementing the policy, fine,” Adinde said.

“The March joint statement between the CBN and NCC clearly state positions on the matter.”

 


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QNET Named ‘Direct Selling Company of the Year’ at AfriTECH 4.0 Awards

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QNET, a leading global lifestyle and wellness direct selling company, has been honored with the prestigious “Direct Selling Company of the Year” award at the recent AfriTECH 4.0 Conference and Awards.

This recognition underscores QNET’s significant contributions to financial inclusion and e-commerce in Africa.

The award was presented to QNET by Mr. Chike Onwuegbuchi, Co-Convener of AfriTech & ATAEx Awards. Onwuegbuchi commended QNET for its unwavering commitment to empowering individuals and driving economic growth across the continent.

He highlighted the company’s innovative approach to direct selling, coupled with its focus on financial literacy and digital innovation.

Biram Fall, Regional Manager for QNET Sub-Saharan Africa, expressed his gratitude for the recognition.

He emphasized QNET’s dedication to innovation, entrepreneurship, and digital transformation in Africa.

Fall highlighted the company’s impact on the Nigerian economy, particularly through its advanced technology and robust e-commerce platform.

“QNET’s participation in this event further solidified its position as a key player in the region’s digital transformation journey.

“We are committed to staying in Nigeria, our biggest market in Sub-Saharan Africa, and contributing to the region’s development,” Fall stated.

During his keynote speech, Fall underscored QNET’s commitment to empowering individuals through knowledge and skill development.

He highlighted the FinGreen financial literacy program, which has already trained over 1,350 young people in Nigeria to make informed financial decisions.

Fall also emphasized the potential of direct selling to drive economic growth in Africa. “Our e-commerce-driven direct-selling model provides opportunities for income generation across more than 100 countries, helping individuals pursue their goals while contributing to community growth,” he explained.

Addressing the challenges of limited banking infrastructure and cash dependency in Africa, Fall stressed the importance of financial inclusion for e-commerce growth.

He called for collaboration to accelerate financial inclusion and e-commerce growth in Africa, fostering a financially inclusive future for the continent.


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Martin Ekpeke Honored with Digital Reporting Excellence Award @ATAEx

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Martin Ekpeke, Managing Editor of ITPulse, a leading Nigerian online Information and Communications Technology (ICT) news platform, was awarded the prestigious Digital Reporting Excellence Award at the Africa Tech Alliance Excellence (ATAEx) Awards.

The award, presented by Tech Castle Foundation, recognizes Ekpeke’s exceptional coverage of cyber threats, digital privacy, and the evolving online security landscape.

“We are thrilled to honor Martin Ekpeke with the Digital Reporting Excellence Award.

“His insightful reporting has been instrumental in raising awareness about critical digital issues and empowering individuals and organizations to stay informed and protected,” said Chike Onwuegbuchi from Tech Castle Foundation.

Ekpeke expressed his gratitude for the recognition, stating, “I am deeply honored to receive this award.

“It is a testament to the hard work and dedication of the entire ITPulse team.

“We are committed to delivering high-quality, informative content that empowers our readers to navigate the complex digital world.”

The Africa Tech Alliance Excellence (ATAEx) Awards celebrate individuals, businesses, and institutions driving digital transformation in Africa.

This year’s event brought together tech enthusiasts, regulators, and other key stakeholders in the Nigerian ICT ecosystem.


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NCC Calls on Judiciary to Champion Nigeria’s Digital Transformation

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Nigerian Communications Commission (NCC) has emphasized the judiciary’s crucial role in Nigeria’s digital transformation. During the Annual Workshop for Judges on Legal Issues in Telecommunications, Executive Vice Chairman Aminu Maida highlighted the judiciary’s reliance on digital tools to enhance justice delivery.

He stressed the need for special protections for telecommunication infrastructure, which faces disruptions from vandalism, theft, and restricted access.

Maida called for judicial support to implement the Presidential Order designating telecommunications infrastructure as Critical National Information Infrastructure.

This order prohibits unauthorized actions against such infrastructure without a lawful court order.

The judiciary’s role in protecting fundamental rights, enforcing digital contracts, and developing digital jurisprudence is vital for Nigeria’s digital transformation.

Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, commended the NCC’s efforts to protect consumers from unfair practices and emphasized the judiciary’s commitment to the telecommunications sector.

She highlighted concerns such as cybersecurity risks, consumer data protection, and the need for improved dispute resolution frameworks within the digital economy.

The workshop aims to equip judicial officers with the technical expertise required to address emerging legal challenges in telecommunications.

Nigeria’s digital economy has significant growth potential, with projected revenues of $18.30 billion by 2026, expected to create employment opportunities, reduce poverty, and promote innovation.

The NCC is working with key stakeholders to ensure the seamless implementation of the Presidential Order and to keep Nigeria competitive in the global digital economy.


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