Nigerians Lose Billions in Failed USSD Transactions: NCC-CBN Introduce New Model

Nigerians face financial losses due to failed USSD transactions, with billions at stake. The Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) introduced a new pricing model to address issues of failed transactions and billing disputes between banks and telecom companies.

Customers like Mutmainnah Ajisafe and Ajose Emmanuel have experienced deductions without successful transfers via USSD codes. The new model aims to resolve these challenges and improve the reliability of USSD services for banking transactions, preventing financial losses for customers.

The move follows a history of unresolved debts and deductions in the USSD system.