By Modupe Gbadeyanka

The customer base of Bankit Microfinance Bank (MFB) is fast approaching the 100,000 threshold just weeks after surpassing the 50,000-mark in its early days of launch, a strong indication of growing trust, adoption, and momentum in the Nigerian digital banking space.

The brand’s commitment to offering real value, hassle-free services, and digital trust is clearly resonating with a wide demographic; from everyday individuals to small business owners and young digital natives looking for smarter ways to bank, especially at a time consumers of financial services are looking out for better options.

Backed by a solid financial base and strong liquidity, Bankit is not only earning customer loyalty but also industry-wide recognition as one of the most promising players in Nigeria’s fintech and microfinance space.

The lender’s rapidly growing user base is a testament to its reliability and relevance, especially in a market that demands simplicity, speed, and transparency.

Commenting on this development, the Chief Operating Officer of Bankit MFB, Mr Simpa Yekini, said, “Reaching this new milestone confirms what we’ve always believed; Nigerians are ready for a smarter, more accessible way to bank.

“We’re not just building a bank. We’re building trust, simplicity and value into every transaction.

”It is also very important to state that this rapid growth isn’t by chance. It’s the result of deliberate customer-centric innovation and a bold approach to financial services, one that puts the user at the heart of the experience.

”Since inception, we have offered free and seamless money transfers, fast and intuitive account setups, enhanced security with biometric login features, and a smooth, reliable interface that delivers convenience without compromise.”

Mr Yekini noted that with the company’s growing nationwide acceptance and surge in daily transaction volumes, the digital bank is confidently projecting to reach one million customers before the end of the year, a goal that now seems well within reach.

By Aduragbemi Omiyale

Shareholders have nothing to worry about in terms of dividend payouts for the 2025 financial year, Zenith Bank Plc has assured.

In a statement, the tier-1 lender said it should satisfy all relevant conditions to exit the regulatory forbearance of the Central Bank of Nigeria (CBN) by June 30, 2025.

Recall that the central bank asked banks to suspend payment of dividends to shareholders until they quit the forbearance.

This directive triggered panic in the stock market, resulting in investors trimming their exposure to banking equities, though things improved yesterday.

In a notice to the Nigerian Exchange (NGX) Limited, Zenith Bank clarified that its exposure under the Single Obligor Limit (SOL) forbearance relates solely to a single obligor, pointing out that this exposure will be brought within the applicable regulatory limit on or before June 30, 2025.

The bank also confirmed that the forbearance granted on other credit facilities applies to only two of its customers, noting that it has made substantial provisions in respect of these facilities and taken appropriate and comprehensive steps to ensure full provisioning by June 30, 2025.

The financial institution further emphasized its strong financial footing, stating that it has successfully raised and surpassed the new regulatory capital requirement of N500 billion, and is therefore well positioned to continue delivering value to all its key stakeholders.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offering, unique customer experience and sound financial indices.

The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

By Adedapo Adesanya

Nigerian banks have started charging Unstructured Supplementary Service Data (USSD) fees from airtime balance of their customers as against their bank accounts after a tussle over unpaid backlogs.

One of such messages from GTCO said, “Dear Customer, please be informed that effective June 18, 2025, the N6.98 USSD fee will be deducted from your airtime balance, no longer from your bank account. Thank you”

Giving more explanation, a statement by the Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Mr Gbenga Adebayo, and the group’s Publicity Secretary, Mr Damian Udeh said this change followed the guidelines of the Nigerian Communications Commission (NCC) for USSD pricing and service, developed with the Central Bank of Nigeria (CBN) and other partners.

It was further explained that under the new system, telecom companies will charge customers directly from their airtime at the rate of N6.98 for every 120 seconds of USSD use, noting that users will receive a message to give their consent before any money is deducted, and charges will only apply for successfully completed sessions.

Mr Adebayo assured that USSD banking services will still work as usual, as long as users have enough airtime.

“USSD services play a vital role in expanding access to financial services, particularly for unbanked and underbanked populations.

“However, the previous corporate billing model, where banks were billed by telecom operators, led to prolonged disputes over unpaid charges, service interruptions and uncertainty for customers.

“To address these challenges, the NCC’s 2025 determination introduced the End-User Billing (EUB) model, which allows mobile network operators to charge customers directly for USSD sessions.

“To achieve the implementation of the EUB model, the CBN and NCC have stipulated that only banks that meet certain regulatory and operational conditions are permitted to migrate,” Mr Adebayo noted, advising users to contact their telcos for connection problems and to reach out to their banks for issues related to transactions.

“To ensure a smooth transition, we urge subscribers to follow support guidelines, and alternative digital banking channels such as mobile apps, internet banking, and ATMs remain fully operational,” he said.

Mr Adebayo added that ALTON will keep working with the NCC, CBN, banks, and other partners to ensure the new system is fair and beneficial to everyone, especially customers.

This new method is being introduced because of the ongoing dispute between Nigerian banks and telecom operators over unpaid USSD fees.

In December 2024, the CBN and NCC told mobile network operators and banks to settle the N250 billion debt related to USSD services.

Telcos had threatened to stop USSD services if the banks didn’t pay up. In January, the NCC warned that USSD services might be suspended and said it might release a list of banks that still owed telecom operators.

On January 15, telcos were ordered to disconnect the USSD codes of nine banks by January 27 because of their unpaid debts.

Later, on February 28, MTN Nigeria announced that it had received N32 billion out of the N72 billion owed by banks as part of the USSD debt repayment.

This development is expected to ensure that no more rifts occur between both institutions.