The activities of mobile money and Unstructured Supplementary Service Data (USSD) have expanded financial access from 56 per cent to 64 per cent. This is according to a new report by research firm, SBM Intelligence, which noted that the growth was within three years, spanning 2020 to 2023.

  While not much information was provided on the activities of mobile money and USSD by the report, The Guardian checks showed that mobile money in Nigeria is experiencing a period of significant growth and transformation, establishing itself as a critical enabler of financial inclusion and a major driver of the digital economy.

  In sub-Saharan Africa, the number of mobile money users saving via these platforms grew by over 20 per cent between 2023 and 2024.Another report showed that mobile money transactions in Nigeria saw a massive surge, with volumes increasing by 326 per cent from 714 million in 2022 to 3.04 billion in 2023. Values also rose significantly, with N19.4 trillion in 2023 and N71.5 trillion in 2024.

  But beyond payments, mobile money services are expanding to include more sophisticated financial products like savings, credit, insurance, and wealth management.

  In terms of USSD, the technology has indeed gained huge traction and enabled financial access, even in the remotest part of the country. According to Fintech Magazine Africa, USSD transactions in Nigeria have experienced significant growth, particularly in the first half of 2024, with a total value of N2.19 trillion across 252.06 million transactions. This represents a substantial increase compared to the previous year, indicating the continued and growing importance of USSD as a financial inclusion tool, especially for those with limited Internet access.

  The technology has faced some challenges in Nigeria and the dust around it is gradually getting settled, especially as regards accumulated debt on the part of the deposit money banks (DMBs) and lately mode of usage and payment thereof.

  While the telecom operators in Nigeria announced that starting from June 18, 2025, mobile subscribers in the country will begin to pay directly for USSD services through their airtime, marking the formal migration to the End-User Billing (EUB) model, in line with a new directive from the Nigerian Communications Commission (NCC), the Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) Gbenga Adebayo, disclosed that commercial banks in the country have cleared 95 per cent of the debt owed to telcos for the usage of the service.

  According to Adebayo, the debt, which stood at about N180 billion as of January this year, has now been cleared up to 95 per cent, with only three banks left to pay up their debt.