I know where I bought my phone, and I definitely know who I'm paying money to every month for cellular service, so there's absolutely no need to see my carrier's name draped all over my device. Fortunately, with Android Lollipop, the carrier label is only present on the lock screen. Nevertheless, that label can keep your phone from feeling just right, so let's go ahead and show you how to get rid of it.
This is only intended for devices running Android 5.0 Lollipop, and there are a few other prerequisites you'll need to have taken care of:
Head to the Download section of the Xposed Installer app to search for Hide Carrier Label from developer Nadeem Sultan, then install it. Once the installation is complete, make sure to activate the Xposed mod.
The mod has no preferences or settings. Once it's activated after rebooting, you will notice that your carrier label will be gone. My particular device had didn't have a SIM card inserted, but the mod was able to remove the "No SIM card — Emergency calls only" text.