Quote from Ndubuisi Ekekwe on April 25, 2021, 9:08 PM

Traditional banks  in Nigeria are losing a key part of their castle, according to data from Nigerian Interbank Settlement System. Yes, while electronic payments rose by a half last year to 158 trillion naira ($416 billion), bank apps moved 43% while non-banks had 35%.

Regulators have also had to mediate a conflict between the banks and fintechs over pricing of USSD transactions -- the type made over phones -- fixing a flat fee of 6.98 naira per transaction, with banks collecting the charges. Banks are pressing regulators to require fintechs to charge customers separately through end-user billing, a move they’ve resisted.