By Elvis Eromosele

For years, USSD (Unstructured Supplementary Service Data) banking in Nigeria has been a lifeline for millions of Nigerians.

It was simple, fast, and accessible even on the most basic mobile phones. From transferring money to paying bills, and checking balances to buying airtime, USSD provided seamless access to banking without the need for internet access.

But now, a terse, polite message from banks may have sounded the death knell of the service. In what feels like a final move in a long-standing tussle between telecom service providers and banks, the new directive from the Nigerian Communications Commission (NCC) mandates that going forward, USSD banking charges will be deducted directly from customers’ airtime, not their bank accounts.

The innocuous-looking message read in part “Dear Customer, from Tuesday, June 3, 2025, USSD banking charges will no longer be deducted from your bank account. Instead, the fees will be billed directly to your airtime in line with the NCC’s End-User Billing (EUB) directive. Each session will attract a charge of ₦6.98 per 120 seconds.”

Buried in this simple announcement is the latest twist in the long-drawn battle between telecom operators and banks over USSD service charges. This is a battle that has lasted for years, involving regulators and resulting in service disruptions, legal threats, and regulatory interventions. Now, it seems banks are preparing to exit the USSD battlefield altogether.

The NCC directive effectively removes the banks from the fee-collection equation and places the burden squarely on the end-user. For many, this change marks more than a billing switch; it signals the slow phasing out of a channel that revolutionised financial inclusion in Nigeria.

There are, undeniably, a few upsides to this new structure. First, customers now receive prompts before airtime deductions are made, ensuring a more transparent process.

Second, telcos finally receive payment for services rendered, which could encourage better service delivery and network investments. Finally, the new model simplifies the revenue flow i.e. banks no longer need to collect and remit fees on behalf of telcos. In short, the move creates regulatory clarity and administrative efficiency.

However, the challenges are just as significant, if not more so. USSD banking emerged as a revolutionary tool for financial inclusion. It brought formal financial services to people without smartphones, data, and internet access. With just a basic phone and a GSM line, millions of Nigerians were able to check balances, transfer money, and buy airtime.

Now, each session comes at a direct cost, ₦6.98 per 120 seconds. For the average urban user, this may seem trivial. However, for rural dwellers, low-income earners, petty traders, and others at the economic margins, this is a heavy toll.

There’s also the psychological shift. A service that was once “free” or indirectly billed now requires upfront airtime, confirmation prompts, and network reliability. Add this to the banks’ not-so-subtle nudging of customers towards mobile apps and Internet banking, and the writing becomes clear: USSD banking is being slowly phased out.

You can’t blame the banks, it’s simple economics. USSD doesn’t allow for tailored digital engagement or targeted marketing. It lacks the analytical depth of app-based platforms. And now that they must rely on telcos to facilitate and collect the fees, it’s no longer strategically beneficial.

But here’s the catch: Nigeria is still a country with high levels of digital illiteracy, device poverty, and limited internet penetration. To phase out USSD without adequate replacement infrastructure or support systems would risk reversing the gains made in financial inclusion over the past decade.

Some would argue that there would be winners and losers. Yes, Telecom operators who now receive direct payment for USSD sessions; banks which shed the headache of fee collection and shift customers to digital platforms they control and tech-savvy customers who already prefer app-based banking solutions are all winners.

However, low-income users who depend on USSD as their only form of banking, rural communities where smartphones and data access remain luxury items and Nigeria’s financial inclusion agenda which may face a major setback would all be losers.

Going forward, we must now ask: how do we preserve financial inclusion while embracing digital transformation? A few ideas come to mind:

Tiered USSD Pricing: Offer essential services (such as balance checks or intra-bank transfers) at no cost or heavily subsidised rates, while charging for higher-value services.

Digital Literacy Campaigns: Educate users, especially in rural areas, on the use of mobile apps and internet banking.

Device Accessibility Initiatives: Encourage partnerships to provide affordable smartphones and basic data packages.

Public-Private Subsidy Models: The government, banks, and telcos can jointly fund access for the poorest Nigerians, similar to universal service obligations in other sectors.

This shift in USSD billing policy may seem like just another regulatory adjustment. But for millions of Nigerians, it could determine whether they remain financially included or pushed out of the system entirely.

As we pursue a cashless, digital Nigeria, we must ensure that no one is left behind, not the market woman in Aba, the farmer in Katsina, or the street vendor in Agege. Progress should not come at the cost of access.

Eromosele, a corporate communication professional and public affairs analyst, wrote via [email protected]

With plastic pollution still threatening lives, coastlines, and ecosystems across Nigeria, the Sterling One Foundation is taking concrete steps to confront the crisis through community-led cleanups, strategic partnerships, and ongoing policy engagement.

Earlier this year, the Foundation led a major cleanup at Elegushi Beach under its Beach Adoption Programme, a national initiative that has now formally adopted more than five beaches since 2021, including Alpha, Eleko, Lafiaji, Iwerekun and Okun Ajah.

Across these sites, the Foundation has cleared over 9,000 kilograms of waste, including more than 4,800 kilograms of recyclables, while working with local leaders to embed awareness and long-term stewardship in coastal communities.

“Our work on the beaches is not symbolic,” said Olapeju Ibekwe, CEO, Sterling One Foundation. “It is a deliberate strategy to improve coastal resilience, protect vulnerable populations, and link sustainability with real opportunity. Every cleanup is a chance to restore dignity to the environment and build trust in the systems meant to protect it.”

On June 13, Sterling One Foundation will join other stakeholders at WEDex 2025, a World Environment Day convening hosted by GreenHub Africa in partnership with the United Nations.

The Foundation will speak at the “Financing Youth Initiatives for Green Entrepreneurship” session at the UN House in Abuja, focusing on unlocking capital for community-based solutions to plastic waste.

The United Nations, a key partner on WEDex, also returns this year as co-convener of the Africa Social Impact Summit, scheduled for July 10 and 11 in Lagos.

The summit will focus on practical solutions for climate resilience and policy innovation under the theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation.

“Plastic pollution is a development issue but also an untapped opportunity,” said Ibekwe. “If we do not treat it as urgent and systemic, it will keep undermining livelihoods, health, and climate goals.

Yet, if we engage the right partnerships and investment, plastic waste can be turned into a driver of jobs and innovation, especially for young people across the continent. The call now is for both the public and private sectors to act, to see beyond the problem and unlock its potential for good.”

About Sterling One Foundation

Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security.

Gender Equality and women empowerment are integrated as a cross-cutting priority across all our programming areas.

The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs).

Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.

Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.

This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.

In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.

She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.

The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.

Mr. Atelly told the graduates in his speech: “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”

Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.

He said: “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”

He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.

He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.

The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.

She further stated: “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”

Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.

The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.

About Union Bank Plc:

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers various banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

Stanbic IBTC Holdings Plc has once again set the benchmark for financial excellence in Nigeria, with Fitch Ratings reaffirming its ‘AAA (nga)’ rating and Stable Outlook, the highest rating on the national scale. This marks over ten consecutive years of maintaining this top-tier rating, underscoring the Group’s financial strength and commitment to Nigeria’s economic development.

Fitch’s latest rating action reflects the strength of Stanbic IBTC’s operating model, the Group’s prudent risk management practices, and its strategic importance to its parent company, Standard Bank Group (SBG) of South Africa, which holds a 67.55% shareholding in Stanbic IBTC.

This remarkable achievement underscores Stanbic IBTC’s unwavering commitment to financial stability and excellence. The report highlights Stanbic IBTC’s strong corporate and investment banking franchise, diversified income streams, robust capital generation, and comfortable liquidity coverage. The Bank’s strong earnings are supported by high non-interest income and a wide net interest margin.

Fitch also noted the Group’s effective handling of credit risk, with its impaired loans ratio remaining below regulatory standards at 4.4%, and a high 88% specific loan loss coverage. Liquidity levels remain comfortable across both local and foreign currencies, and the Bank continues to maintain a reasonable balance between deposits and loan disbursements.

Commenting on the achievement, Adekunle Adedeji, Acting Chief Executive, Stanbic IBTC Holdings, stated:

“This milestone speaks to our legacy of excellence, consistency, and long-term focus. Being affirmed at ‘AAA (nga)’ for over a decade by a global rating agency like Fitch speaks volumes about our corporate governance structures, risk controls, and commitment to supporting the Nigerian economy. We are proud of what this means, not just for Stanbic IBTC, but also for our clients, shareholders, and partners.”

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, added: “SBG’s strong integration with Stanbic IBTC, shared branding, and Pan-African strategy significantly contribute to our consistent top ratings. Stanbic IBTC Bank also retained its National Short-Term Rating of ‘F1+(nga)’, reflecting our exceptional capacity for timely financial commitments.”

This reaffirmation further validates Stanbic IBTC’s position as a trusted provider of integrated banking, asset management, pension, stockbroking, Fintech, trusteeship insurance, and investment solutions across Nigeria.

As we continue to drive sustainable value creation, we invite our clients, shareholders, and partners to join us in shaping the future of financial services in Nigeria.

Left:  Founder, Chief Responsibility Officer, Ruff ‘n’ Tumble/ Founder, Betti-O School of Fashion, Adenike Ogunlesi; Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal and Lagos State First Lady, Her Excellency, Dr. Ibijoke Sanwo-Olu at the ongoing Adire Lagos Exhibition Fair holding at Ecobank Pan African Centre, Lagos.

Ecobank Nigeria has officially launched the much-anticipated fourth edition of its Adire Lagos Exhibition Fair, a vibrant cultural and commercial event dedicated to promoting Nigeria’s indigenous fashion industry and supporting Small and Medium Enterprises (SMEs).

The four-day fair ran from June 5 to 8, 2025 at the Ecobank Pan African Centre, Victoria Island, Lagos. Visitors are welcomed daily from 10:00 AM.

Over 130 vendors are showcasing a diverse range of Adire designs, fashion items, and lifestyle products. The fair attracts a wide audience, including fashion enthusiasts, cultural professionals, creatives, entrepreneurs, and shoppers from across Nigeria and beyond.

Notable dignitaries who have so far graced the fair include the Lagos State Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka, who represented the Lagos State Governor, Babajide Sanwo-Olu; Lagos State First Lady, Her Excellency, Dr. Ibijoke Sanwo-Olu; the wife of the former Ekiti State Governor, Erelu Bisi Fayemi ; Ogun State Commissioner for Women Affairs and Social Development, Mrs. Adijat Motunrayo Adeleye-Oladapo; former Chairman of Ecobank Transnational Incorporated, Emmanuel Ikazoboh; founding President of the FinTech Association of Nigeria (FANI), Dr. Segun Aina; and the owner of Nike Art Gallery, Nike Davies-Okundaye, among others.

Omoboye Odu, Head of Small and Medium Enterprises at Ecobank Nigeria, expressed delight at the strong turnout, stating: “This year’s exhibition promises a dynamic blend of established brands and emerging designers who embody innovation, cultural pride, and export potential.” She further emphasized the fair’s role as a major Corporate Social Responsibility (CSR) initiative by Ecobank.

“The Adire Lagos Exhibition Fair is a key CSR initiative, offering SMEs a platform to showcase their products free of charge while fostering economic growth and national unity. Last year’s event attracted over 20,000 visitors in four days, with one vendor making N30 million in sales—equivalent to six months’ revenue—demonstrating the fair’s strong commercial potential.”

Exhibitors also praised the growing appeal of Adire designs. Ms. Fadilat Lawal, Managing Director of Sanyaolu Trading Stores, Abeokuta, highlighted the durability and cultural symbolism of Abeokuta Adire. Ms. Cynthia Uma, Creative Director of Cecesignature Unisex Clothing, Lagos, emphasized Adire’s growing global recognition as a revenue driver for her business.

The Adire Lagos Exhibition Fair continues to serve as a premier platform for celebrating Nigeria’s cultural heritage while empowering local artisans and entrepreneurs to thrive.

The vibrant city of Lagos was abuzz with aspiration and opportunity as Stanbic IBTC Bank hosted its highly anticipated 2025 Home Ownership Summit on Tuesday, June 3, 2025, under the inspiring theme, “Building Tomorrow Today: Transforming the Path to Homeownership.”

This electrifying event, held with both in-person and virtual participation, re-emphasised the Bank’s commitment to reshaping the journey to property ownership for Nigerians.

The session, a dazzling blend of innovation and empowerment, brought together a dynamic mix of financial strategists, real estate experts, existing and aspiring homeowners. Attendees were treated to a feast of insights, from navigating the intricacies of home financing to unlocking wealth-building opportunities through real estate. Stanbic IBTC Bank highlighted its tailored home loan solutions, spotlighting competitive interest rates, flexible equity contributions, digitised mortgage calculator, and personalised advisory services designed to make homeownership a reality for all.

Wole Adeniyi, Chief Executive Stanbic IBTC Bank, set the tone with a powerful address:

“Our vision is to turn dreams into addresses. The 2025 Home Ownership Breakfast Session is more than an event, it is a movement to empower Nigerians to build their futures, one home at a time. With our innovative financing options, we are breaking barriers and opening doors to lasting wealth.”

The summit was not just about numbers; it was a celebration of possibilities. Engaging panel discussions delved into emerging real estate trends, the art of wealth protection through insurance, and the power of legacy building with wills and trusts, all seamlessly integrated with the expertise of the Stanbic IBTC Group. Attendees left energised, armed with actionable strategies to transform their property ambitions into reality.

From interactive question and answer sessions to one-on-one consultations with financial experts, the event created a vibrant space for connection and learning. Virtual participants joined the excitement through a seamless online platform, ensuring that Nigerians everywhere could tap into this transformative experience.

As the Lagos session sets the stage, anticipation builds for the upcoming Abuja edition later in July this year. Stanbic IBTC Bank continues to lead the charge in making homeownership accessible, proving that the path to owning a dream home is not just a possibility, it is a promise.

L-R: The Branch Leader, Trans-Amadi 1 Port Harcourt, Bob Anyanwu Representing the Regional Bank Head Rivers and Bayelsa 1 & South Commercial, Ibisiki Eretoru; one of the beneficiaries of the Food Bank Donation, Ogechi Friday; The Clan Head, Ozuzu Etche, HRH Eze Josiah Nwagwu; the Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; and the CEO, Reach Nigeria Foundation, Benedicta Ebi; during the Fidelity Food Bank Distribution in Ihie Community, Etche Local Government Area of Rivers State recently.

In a strong demonstration of its commitment to community development and poverty alleviation, leading financial institution, Fidelity Bank Plc has donated food packs to over 1,500 individuals in Ihie Town, Etche Local Government Area of Rivers State, through its Food Bank initiative.

Speaking at the donation event, the Regional Bank Head, Rivers/Bayelsa 1 & South Commercial, Fidelity Bank Plc, Mr. Ibisiki Eretoru, noted that the success of the bank is essentially linked to the well-being and prosperity of the communities in which it operates.

“The Food Bank Initiative is our way of contributing to the well-being of our host communities through regular food support. Each month, with the support of our network of dedicated partners, we distribute food packs to individuals and families across the country,” Eretoru said.

He further highlighted that the Fidelity Food Bank initiative, launched in April 2023, is part of the bank’s broader corporate social responsibility drive aimed at combating hunger and improving livelihoods across Nigeria. The initiative also perfectly aligns with the United Nations’ Sustainable Development Goal 2 which aims to achieve zero hunger.

“To date, we have distributed over 200,000 food packs through similar outreaches aimed at supporting individuals, strengthening businesses and transforming entire economies,” Eretoru added.

The food distribution in Ihie town was executed in partnership with The Reach Nigeria Foundation, a non-profit organization focused on sustainable development. Speaking at the outreach, the Foundation’s CEO, Benedicta Ibiyemie Ayarete, said that the community was selected due to its need for food support during the post-planting and pre-harvest period.

“Though Ihie is an agrarian community, we identified it as needing food support at this time. The peaceful nature of the community also makes it a viable location for Fidelity Bank to sustain and grow its presence. We are proud to be part of the meaningful impact of this outreach on the people,” she explained.

Expressing his gratitude, the paramount ruler of Ihie community, His Royal Highness, Eze Richard Amadi, commended the bank’s timely intervention, describing it as “a stitch in time” and a noteworthy effort that addresses the needs of the people.

Also speaking at the event, Chairman of the Ihie Community Development Committee, Mr. Stephen Asoh, expressed appreciation to Fidelity Bank, highlighting the positive difference the donations will make in the lives of many residents.

One of the beneficiaries, Mike Okere, praised Fidelity Bank for the initiative and called on other financial institutions to emulate the bank’s approach to community engagement and impact.

The Fidelity Food Bank continues to be a beacon of hope for underserved communities across Nigeria, reflecting the bank’s unwavering commitment to social responsibility and inclusive growth.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

The Nigeria Deposit Insurance Corporation (NDIC) has called for feedbacks from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.

The proposed revision launched by IADI in May 2025, is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape. Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis.

The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them.

The Core Principles are also used by the International Monetary Fund (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance system and practices.

The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009 while the document is subjected to periodic revision order to keep it up-to-date with evolving trends on the global financial system landscape.

As a founding and committed member of IADI, NDIC recognises the importance of the ongoing revision and hereby invites stakeholders and the general public to actively participate in the process by reviewing the document on the link https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf Stakeholders feedbacks should be forwarded to the Corporation on or before 30^th June 2025 via email to [email protected] in PDF format.