Tariff on USSD Banking

Y’ello All,

Please be informed that effective from today June 3^rd, 2021, an updated charge will be applicable for Customers using USSD banking channels to access banking services.

When Customers dial a USSD Banking code, they will receive the following prompt:

‘Welcome to USSD Banking. Please note that a N6.98 network charge will be applied to your bank account for banking services on this channel. Press 1 to Accept or 2 to Reject’

Please find attached FAQs to guide customer engagement

Find below FAQs to guide customer engagement

1. Why did I get this prompt? I have not been getting it before. (Why am I being charged?)

Effective 3rd June 2021, each USSD Banking transaction will attract a charge of <N6.98k exclusive of VAT> for use of the USSD Banking channel. The money will be deducted from your bank account, by your bank.

2. Who is charging me?

Network charges for all USSD Banking channel transactions are applied by your bank.

3. What is the charge for?

The charge is for use of USSD Banking channels to process banking transactions.

4. Is it only on MTN?

The same USSD Banking charges are applicable to USSD Banking codes across all networks.

5. The banks say they are not the one billing me, why then is MTN billing or charging me for using my bank USSD code?

Billing related to all USSD Banking transactions is managed by the banks, and is charged to your bank account.

6. Is this for all USSD codes, or strictly for banking only?

The USSD Banking Opt-in prompt is strictly related to USSD Banking only

7. Is it all USSD transactions, or are there particular ones that you are going to charge for now?

Only USSD Banking transactions will be charged. Airtime and data purchases will not be charged, for now.

8. When I carried out USSD banking transactions yesterday, I was not billed, why am I being billed now?

Effective today, 3rd June 2021, each transaction using the USSD Banking channel will attract a bank charge of <total charge exclusive of VAT> which will be deducted from your bank account.

9. Will this apply to *904#?

*904# is a non-banking financial transaction and USSD charges will not be applicable.

10. Will this apply to Access Y’ello Account?

Yes, USSD Banking charges are applicable for Access Y’ello Account bank-related services

11. Will I be charged 'per transaction'? I read somewhere that I will be charged ‘per session’. Please what does all this mean?

Yes, you will be charged per USSD Banking transaction. A transaction is any activity on the USSD channel that lasts between 1 – 120 secs

12. Is it a fixed charge or variable charge depending on volume of transaction?

It is a fixed charge per USSD Banking transaction. A transaction is any activity on the USSD channel that lasts between 1 - 120 secs

13. Is this charge in addition to the VAT and banking transaction charges?

This N6.98 charge per USSD Banking transaction, is exclusive of VAT. Any other bank charges will be at the discretion of your bank.

14. Am I being billed from my bank account or my MTN airtime for USSD Banking transactions?

You will not be charged from your MTN airtime for USSD Banking transactions.

When you use your USSD Banking service, and you accept the charges as presented in the menu you received when you dialled the code, then you will be charged from your bank account.

15. Will I get a prompt before I am charged for using a USSD Banking code?

Yes, you will.

16.Once I select Option 1 to Accept and Proceed, am I charged regardless of what I do next? And regardless of whether I select 'chargeable' transactions in the bank's menu? E.g., what if I just decide to browse the bank’s menu?

Yes. You are charged for USSD Banking transactions done via the USSD Banking codes.

17. What if I don’t have money in my bank account, will I still be charged for transactions using USSD Banking codes?

Your Bank will be in the best position to advise you on this.

18. What if I have the exact amount I want to transfer, in my bank account. Will the USSD code still work for me?

The Banking USSD code will work, but your Bank will be in the best position to advise you on whether the banking transaction will be successful.

19. If I have zero bank balance, will I be able to do any banking transaction through the USSD code?

Your Bank will be in the best position to advise you on this.

20. I saw the opt in menu. With Option 1 to accept and Option 2 to cancel. If I select Option 2 to Cancel, can I still get my transaction done in another way?

Several alternative channels such as myMTN app, internet banking and ATMs may be used for financial transactions.

21. How many times will I be charged for using a bank USSD code for doing my transactions. Is it once a day? Is it monthly?

You will be charged per USSD Banking transaction. You will be charged for every initiated transaction using the USSD banking codes.

22. If I use 3 banks and 2 Microfinance Banks, will I be charged each time for each bank/microfinance bank?

The charge per session is applicable to all bank and CBN licensed institution’s USSD Banking codes

23. Today if I dial a bank USSD code and I browse through the menu without selecting any of the menu options, I am not charged.

But if I check my account balance or if I transfer money, I am charged each time. Will that change?

You will now be charged N6.98 per USSD Banking transaction.

24. Will I still be getting SMS charges as well as this USSD code charge too?

SMS charges related to your Bank, will be at the discretion of the Bank

25. When I buy airtime or data bundle from my bank USSD, will I be charged (I am not charged at present)?

You will not be charged if Airtime and Data is purchased using the direct USSD string, for now.

26. Is this charge applicable to paying utility bills like cable and so on via the bank USSD?

Yes

27

. Can I use USSD when roaming? What are the charges for using bank USSD when roaming?

Yes

28. Some banks have transfer limits. E.g., some bank USSD codes have a limit of 20kNGN per transaction. So, transferring 50k currently means that I am charged three times. Will that change?

In a situation where the banks have transaction limits for USSD Banking, you will be charged for every transaction.

§ E.g., Transferring 50k translates to 3 transactions.

§ Each transaction will be charged at N6.98k.

§ Total billable amount for the 3 transactions is N6.98k x 3.

29. Is this amount 6.98NGN on top of the current other bank charges that banks charge for USSD?

N6.98k will be charged per USSD Banking transactions. For a view of other bank charges that may be applied, please contact your bank.

30. There are various menus in bank's USSD menus at present that I am not charged for, e.g., checking my last transactions, is this going to change?

All banking transactions made using USSD Banking codes are charged. This includes balance enquiry.

31. I do ALL my banking transactions via USSD. Is it possible to see my charging records that the banks are charging me, via myMTN app? If not, where I will I see the charges, and when?

No. these records are not available via myMTN app. All USSD Banking charging records will be presented by your bank.

32. How do I dispute my charges? Who do I complain to?

All complaints/transaction disputes should be raised to your bank.

33. What is the turnaround time for resolution of complaints or refund?

Your Bank will be in the best position to advise you on this.

34. If I am charged multiple times for a single transaction, how do I get my refund. E.g., I want to transfer 100k to a B Party and I am billed 6.98 twice, how do I get my refund?

All complaints/transaction disputes should be raised to your bank.

35. If my transfer is not successful will I still be charged?

Yes. The charge is for accessing banking services via the USSD Banking Channel.

36. If a transaction fails or times out, will the charge be cancelled?

If the transaction session is not completed, you are unlikely to be charged.

37. Do I get a refund when there is a failed transaction?

Yes. All complaints/transaction disputes should be raised to your bank.

38. If I need to reverse the transaction (e.g., a transfer transaction) will I get a refund?

You will be charged for each USSD Banking transactions initiated via USSD.

39. Will the bank increase the time out duration now that it is charged per transaction? What is the timeout now, and what will it be going forward

A session was initially 20 secs. Transactions are now 120 secs.

40. Can postpaid customers use the USSD shortcode? How will they be billed? What is the implication on their billing?

All MTN Customers who use USSD Banking, will be able to continue using USSD Banking and will be required to opt in to enjoy the services

41. If I do same bank to same bank transfers, will I be charged?

Yes. You will be charged for all USSD Banking transactions.