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tIn today’s Nigeria, where citizens are weighed down by unprecedented economic hardship, the actions and inactions of government continue to signal a deep disconnect from the struggles of ordinary people. Nigerians battle daily with inflation, rising transport costs, food scarcity, insecurity, epileptic power supply, and dwindling purchasing power—yet the policies designed to support them appear to do the opposite. Instead of relief, government decisions often introduce new layers of financial pressure. Among the most painful of these are USSD charges and other arbitrary bank deductions that have become a frustrating part of everyday life.
The Weight of Arbitrary Charges on Citizens
For millions of Nigerians, every naira counts. Yet their bank balances are constantly chipped away by levies such as:
USSD transaction charges
Stamp duties
ATM withdrawal fees
Card maintenance fees
SMS alert charges
Insurance and miscellaneous deductions
These expenses may appear small to policymakers and corporate executives, but to the struggling masses, they represent the difference between a meal and hunger. For market women, students, artisans, civil servants, and pensioners, the burden is real—and heavy.
USSD Charges as a Symbol of Government Disconnect
Nothing reflects the insensitivity of the system more than the continued imposition of USSD fees. USSD banking was initially marketed as a tool of financial inclusion, created to ensure that rural dwellers and low-income earners could access the banking system without smartphones or internet data. Rather than being maintained as a free empowerment tool, it has been converted into a revenue channel that drains the pockets of the poorest Nigerians.
In a country pushing aggressively toward cashless transactions, making USSD services expensive is counterproductive. Instead of promoting digital inclusion, these charges exclude the very people the system was designed to help.
Government Silence Is Endorsement
What worsens the situation is the government’s silence in the face of complaints. Regulatory bodies look the other way, telecom companies and banks point fingers at one another, and citizens are left in confusion. Each unexplained deduction feels like a tax on survival, a punishment for being financially obedient.
When the government fails to intervene, correct, or protect its people, its silence becomes an endorsement of policies that harm the poor.
GTCO Stands Out: Why the Bank Deserves Exoneration
Amid the general outrage directed at banks, it is important to state clearly that not all banks are guilty of arbitrarily deducting USSD charges. One institution that has distinguished itself through transparency is GTCO (Guaranty Trust Holding Company).
GTCO has publicly clarified that:
It does not impose or initiate USSD charges beyond regulatory requirements.
It does not deduct arbitrary USSD fees from customers’ accounts.
It remains committed to offering affordable, accessible digital banking services.
At a time when many banks have kept silent, leaving customers to guess the source of their deductions, GTCO has set itself apart through openness and responsible communication. This deserves recognition. In a financial ecosystem where many institutions are accused of exploiting customers, GTCO has shown that ethical banking is possible.
A Rare Example in an Industry Under Scrutiny
Nigerians are understandably angry at the financial system, but GTCO should not be lumped together with institutions that have quietly collaborated with service providers to burden customers with unjustifiable charges. By clearly stating its position, GTCO has proven:
Commitment to integrity
Respect for customers
Transparency in operations
Its stance should serve as a model for other financial institutions.
The Broader Picture: Citizens Need Protection
The outcry over USSD charges is not just about fees—it is about survival. It is about a system that continues to pressure the poorest while asking them to remain patient. It is about the lack of empathy in policymaking. It is about institutions that treat citizens as revenue sources, not humans with needs and limitations.
Conclusion: A Call for People-Centred Governance
Nigerians need a government that listens, feels, and acts. A government that puts human welfare above revenue projections. A regulatory system that protects the vulnerable rather than exposing them to exploitation.
While USSD fees and arbitrary deductions remain a symbol of the system’s insensitivity, it is equally essential to acknowledge institutions like GTCO, which have taken a responsible stance and should be exonerated from the blanket accusations directed at the banking sector.
The solution lies not in blaming every bank, but in demanding that government and regulators adopt people-centred, empathetic financial policies that lighten the burden on ordinary Nigerians rather than deepening their misery.
kunle Oyeleye is the Editor INFORMdailynews can be reachEd via +2348034916917, oyeleyecrown@gmail.com
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