In a recent update, Wema Bank
announced a significant change in how transactions on its *945# USSD banking
platform will be charged. Effective June 27, 2025, the Nigerian
Communications Commission (NCC) has mandated that USSD banking fees will no
longer be deducted from customers’ bank accounts. Instead, these charges will
now be taken directly from users’ mobile airtime.
This shift has raised questions among
customers: How will this affect daily banking? What are the costs
involved? Is this change beneficial or an added burden? Let’s break it
down.
Abouy the New USSD Banking Charges
Previously, when you performed
transactions using Wema Bank’s *945# USSD code, the charges were deducted from
your account balance. Now, under the NCC’s directive, the fees will be deducted
from your mobile airtime, similar to call charges.
Key Changes:
1. ₦6.98 per 120 seconds: Each session on *945# will cost
₦6.98 for every two minutes.
2. Consent Prompt: Before any charge is applied, you’ll receive a
prompt asking for your approval.
3. Airtime Deduction: Only after you confirm will your airtime be
deducted.
How Does This Affect You?
1. Airtime Management Becomes Crucial
Since transactions will now depend on
available airtime, users must ensure they have enough balance before initiating
USSD banking. If your airtime is low, you may be unable to complete
transactions—a shift from the previous system where charges came from your bank
balance.
2. Potential Increase in Costs
For frequent users, the new ₦6.98 per
120-second charge could add up. For example:
- Checking balance: ~₦6.98
- Transferring money:
~₦13.96 (if it takes 4 minutes)
- Buying airtime or paying bills:
Additional charges per session
While ₦6.98 may seem small, frequent
use could make USSD banking more expensive than before.
3. No More Hidden Bank Charges
One advantage is transparency—since
charges are deducted from airtime, customers see the cost upfront before
confirming. This prevents unexpected deductions from bank accounts.
4. Impact on Low-Income Users
For customers who rely on minimal
airtime, this change could make banking more difficult. Those without steady
airtime top-ups may prefer alternative methods like mobile apps or ATM
transactions.
Is This Change Good or Bad?
Pros:
✔ Transparency: You
approve charges before they apply.
✔ No surprise
bank deductions: Airtime is used instead of account balance.
✔ Encourages
digital efficiency: Users may complete transactions faster to save
costs.
Cons:
❌ Airtime dependency: No
airtime = No USSD banking.
❌ Higher costs
for frequent users: More transactions mean more airtime deductions.
❌ Inconvenience
for some: Customers who rarely recharge airtime may struggle.
What Should Wema Bank Customers Do?
1. Monitor Airtime Balance: Ensure you have enough before using
*945#.
2. Use Alternatives When Possible: The Wema Mobile App or internet
banking may be cheaper for some transactions.
3. Limit USSD Session Time: Complete transactions quickly to
minimize charges.
4. Budget for Airtime: Factor USSD costs into your mobile expenses.
Final Thoughts
The NCC’s directive aims to
standardize USSD charges across banks, but its real-world impact depends on
user habits. While some will appreciate the transparency, others may find it an
extra financial burden.
Wema Bank assures customers of
continued secure and accessible services, but adapting to this change requires
awareness and smart banking choices.
Would this affect your banking
habits? Share your thoughts in the comments!
Disclaimer
This article is for
informational purposes only and does not constitute financial advice. Please
consult Wema Bank or a financial expert for personalized guidance. Banking
charges and policies are subject to change.
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