Latest news with #N6
Zawya
02-05-2025
- Business
- Zawya
Nigerians react to new N6 SMS transaction fee amid growing discontent over banking charges
NIGERIAN bank customers have expressed widespread dissatisfaction following the introduction of a new N6 fee for each SMS transaction alert, a policy jointly implemented by the banking sector regulator and the Nigerian Communications Commission (NCC). The revised fee, up from the previous N4 per SMS, took effect today and is expected to be automatically deducted from customers' bank accounts. According to Central Bank of Nigeria (CBN), the new structure was designed to replace the previous per-session USSD billing model and standardize charges across banks. The fee will be remitted to mobile network operators, with the apex bank stating that this change offers a more transparent and consumer-friendly billing framework. For numerous customers, especially low-income earners who rely heavily on USSD services for day-to-day transactions, the added cost is yet another financial burden. Critics argued that the move is not only ill-timed but could further alienate the unbanked population, undermining CBN's long-standing financial inclusion goals. 'This policy is out of touch with the reality of ordinary Nigerians,' said Mr. Yusuf Adebayo, a civil servant. 'Instead of encouraging people to embrace banking, it discourages them. A low-income earner making frequent transactions will feel the pinch of this fee over time.' Banks like GTBank and Fidelity Bank have encouraged customers to adopt their mobile banking apps, which do not incur SMS or USSD charges. Yet, some customers remained skeptical. One customer, who spoke anonymously, alleged that banks have been charging multiple telco fees for single transactions long before this policy was formalised. 'There are days when I get charged more than once for a single transaction,' the customer said. 'It feels like we're being bled dry from every angle.' On social media, Nigerians have taken to platforms like X (formerly Twitter) to express their frustrations and divergent opinions. One user, Arch Angel Jesse, downplayed the fee hike, suggesting the public outcry was misplaced. 'I don't think this is a problem the way the news is making it seem. Only N2 extra and it's breaking news!' Jesse posted. 'All the money lost in NNPC is still not making the news but N2 extra is breaking!!! Very few people understand where I am coming from, and that is still the problem of this country Nigeria.' However, another user, @asia_valking, offered a different perspective. 'N2 is not a problem? It will be when you receive alerts from 20 different transactions, or you multiply it by 50 million accounts. Their next target will be N10.' Joshua Eze, another customer, drew a comparison with telecom practices in the United Kingdom. 'In the UK, once you pay for your internet data, calls and SMS are essentially free. Think of providers with their flexible plans and no extra charges for calls or texts. Meanwhile, Nigerian business leaders keep adding burdens like this N6 SMS fee, doing more harm than good to citizens already struggling,' he said. Hyginus Ogbuike, a resident in Lagos, blamed both the government and its corporate allies for continually making life more difficult for Nigerians. 'It started long ago. If they can increase salaries by 100 percent across all levels, it will be tolerable,' he said. Several analysts have also weighed in on the debate, accusing banks of deliberately withholding in-app transaction alerts to force customers into accepting SMS-based notifications that incur charges. 'Normally, your mobile banking app should notify you of every transaction,' said one tech analyst based in Lagos. 'But Nigerian banks have intentionally left out that feature. Even when you go to the bank to cancel SMS alerts, they ask you to fill a form, and in many cases, the alerts still don't stop.' An anonymous top-level banker explained that the policy is backed by the CBN's Guide to Charges by Banks and Other Financial Institutions, which mandates SMS alerts as a safeguard against fraud. 'Banks are required to send SMS alerts on every account activity. It's not optional unless the customer formally opts out, and even that comes with legal risk.'
Zawya
22-04-2025
- Business
- Zawya
Nigeria: FG receives $4mln mining fees, registers 118 buying centres
The Federal Government has disclosed that it has collected N6,957,826,200 mining fees and registered no fewer than 118 new private mineral buying centres in the first quarter of this year. Giving the details at the second Annual Mining Conference organised by Businessday newspaper in Abuja at the weekend, Minister of Solid Minerals Development, Dr Dele Alake, said the revenues reflect the outcome of the Ministry's efforts to raise awareness and attract investors. A statement by the Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori disclosed that the mining fees collected by licensing parastatal Mining Cadastral Office, MCO, came from 955 applications for title grants. 'Six hundred and fifty-one were for exploration, 270 for small-scale mining, 49 for Quarrying, and 24 for reconnaissance Minister approved 867 applications, including 512 exploration licenses, 295 small-scale mining leases, 60 Quarry leases, and 5 mining leases.' The revenues are from paying various fees, including annual service fees, application processing fees, and renewal of titles. MCO has also stepped up conflict resolution to reduce petitions arising from overlap and litigation over ownership. Dr Alake disclosed that the Ministry has recorded a lot of progress in plans to set up the Nigerian Solid Minerals Corporation. to make its structure a veritable special-purpose vehicle that will catapult Nigeria into the league of global mining players. Speaking on the theme, 'Building A Resilient Mining Sector,' Dr. Alake said the corporation will be globally competitive and rooted in Nigerian expertise and capital. *We are finalising its structure in partnership with the Ministry of Finance Incorporated (MOFI). Nigerians will have the opportunity to invest through a public offer, with 25% equity reserved for citizens, 25% for the government, and 50% for the private sector', the minister stated. He scored the ministry high on revenue generation, citing how it surpassed the 2024 projected revenue of N11 billion by N27 billion to N38 billion. Highlighting the impact of international engagements, Alake revealed that the French government has committed to equip the laboratory of the Nigeria Geological Survey Agency (NGSA) and train young geologists abroad in modern mining technologies on the heels of the MOU signed by President Bola Tinubu and French President, Emmanuel Macron. 'The Government of Western Australia recently approved the regular training of Nigerian mining professionals, and the first batch of trainees are billed to depart next month. British and Saudi Arabian investors are coming together to invest across the mineral value chain, and just few days ago, we signed an MOU on capacity building in the geology field with South Africa', Dr Alake added. Citing the impact of his value addition policy, the minister declared that it has enhanced local beneficiation and positioned Nigeria as the undisputable leader of African mining countries. His words, 'Nigeria emerged as the pioneer chairperson of the African Minerals Strategy Group (AMSG) based on our advocacy for value addition and opposition to the reckless exportation of raw minerals without processing or refining. One of our goals is to use this position to attract investment to Africa and Nigeria. He stated that this is already yielding fruits as we will commission some Lithium, bauxite, and gold refining plants this quarter', he stated. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
