The telecom operators in Nigeria, including MTN Nigeria, Airtel, Globacom and 9Mobile have threatened to withdraw network support for banks’ Unstructured Supplementary Services Data (USSD), following what they described as gross misinformation of subscribers on the mode of deduction for transaction fees. USSD, commonly known as ‘bank transfers’, is done through short codes on mobile phones. Yesterday, the banks issued …

The Central Bank of Nigeria’s (CBN) electronic payment statistics have shown that, between January and June 2024, 252.06 million transactions, which amounted to N2.19 trillion, were carried out via Unstructured Supplementary Service Data (USSD) codes. This is a significant milestone compared to the full-year data for 2023, which showed that N4.84 trillion was transacted via USSD codes across 630.6 million …

One of my earliest memories of a money fight was that between an alajo (thrift collector) and a borrower. The debtor was screaming at the top of his voice, na money I borrow I no kill person. Then he added a clincher, ‘after all Nigeria sef dey owe’. It took the intervention of the Baba Oloja at that time to …

The Central Bank of Nigeria (CBN) has announced the development of new and enhanced features for the eNaira to address challenges faced by unbanked Nigerians. The initiative allows customers to utilise the Unstructured Supplementary Service Data (USSD) code *997*50# to perform all banking transactions. Additionally, customers can fund their eNaira wallets with vouchers purchased with cash, like recharge cards or …