USSD cut-off saga – An Inclusion For All documentary
September 8, 2023
Inclusion for All / Inclusion for all / Trade & the economy
In May, Nigerian telcos approved the suspension of USSD service access from Nigerian banks due to the banks’ accumulated debt of N210 billion (USD 261.36 million) in USSD fees. This decision might seem like just another business move, but it could have significant consequences for financial inclusion.
In a country where 38% of the population was financially excluded in 2020, the suspension of USSD services could further delay their access to basic financial services. But that’s not all. Respondents in EFInA’s 2020 A2F survey, 76% of unbanked respondents use basic smartphones. This means that even with the adoption of mobile money, the removal of USSD services could significantly affect the financial experience of millions of people.
