Some banks have notified their customers that they will start charging them N6.98 for every USSD transaction.

Some banks have notified their customers that they will start charging them N6.98 for every USSD transaction.

However, experts have said that excessive charges by banks could pose a threat to financial inclusion.

According to them, it will increase cash transactions because many bank customers would avoid using the USSD for transactions and could also discourage the unbanked segment of the population because they would not like to pay such charges over their little deposits.

The banks urged the customers to make use of other electronic transactions available in the banks to avoid paying the fees.

A former President, Association of National Accountants of Nigeria, Dr. Sam Nzekwe, said too many changes by banks were unfriendly to the financial inclusion drive, especially to the unbanked Nigerians.