E-Financial
MasterCard, UBA Partner for Access to ePayment
MasterCard, and United Bank for Africa (UBA), have completed a multi-country licensing project that will see the pan-African bank accept and issue MasterCard prepaid, debit and credit cards in 14 countries across sub-Saharan Africa.
Through the partnership, 14 of UBA’s 19 subsidiaries across sub-Saharan Africa, will gain access to MasterCard payment solutions, and by so doing, enjoy the security and convenience of electronic payments.
MasterCard will leverage UBA’s fast growing footprint to enhance the adoption of cashless payments in a wider geographical region across Africa.
United Bank of Africa is now licensed to accept and issue MasterCard products in the following countries: Cameroon, Chad, Democratic Republic of Congo, Gabon, Ghana, Guinea (Conakry), Kenya, Liberia, Mozambique, Republic of Congo (Brazzaville), Sierra Leone, Tanzania, Uganda and Zambia. Prior to the completion of the deal, United Bank for Africa was licensed to issue MasterCard payment products in Nigeria.
Commenting on the initiative, Kennedy Uzoka , deputy managing director and CEO UBA Africa said: “This collaboration is a reflection of our vision, which is to be Africa’s bank of choice for the provision of innovative financial products and services. We understand the significance of partnerships, and what we have with a global player such as MasterCard, is an integral part of achieving our vision for Africa.”
The growth of Africa’s payments industry follows a combination of public and private investments in innovative solutions that will see the extension of financial inclusion to the unbanked and under-banked.
Daniel Monehin, division president, sub-Saharan Africa, MasterCard said: “MasterCard’s commitment to Africa means that we continue to work with various partners in the financial services sector to continually develop products that help consumers make the shift from the use of cash, to the adoption of electronic payments, which hold numerous benefits for them. We are proud to partner UBA, whose growing footprint in sub-Saharan Africa, also means that the financially underserved will be brought into the financial services fold owing to the development of diverse and relevant products and services.”
United Bank for Africa and its subsidiaries serve more than seven million customers, with a network of over 700 Business Offices in Africa.
The partnership with MasterCard will result in UBA customers being able to use MasterCard products on ATMs and Point-of-Sale terminals (POS) in the 14 African countries as well as in the more than 210 countries and territories where MasterCard is accepted.
Today, over 85% of retail payments globally are still carried out using cash or check, with the percentage being much higher in Africa.
However, the combination of a rapidly expanding middle class and steadily improving financial literacy, supported by robust technology, is increasing the appetite for electronic payment usage in Africa, providing opportunities for the advancement of a cashless society across the continent.
More and more governments around the world are partnering with the private sector to spur greater financial inclusion and electronic payments are able to deliver on this, namely, greater financial empowerment for the unbanked and under-banked.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
NDPC, Mastercard Partner to Strengthen Data Protection
CSCS Launches *7270#, USSD Code Service
CBN Spending on Naira Printing, Distribution up by 306 Percent
ABoICT Lecture 2025 to Focus on Governance, Standardization in Artificial Intelligence Era
PalmPay Reaffirms Commitment to Advancing Contactless Payments
E-Business1 day agoExpert Urges FG to Leverage Digital Assets to Drive Diversification Goal
General News1 day agoSeamlessHR, AOPN Push Payroll Innovation for Nigeria’s Outsourcing Growth
General News1 day agoFG Faults AfDB’s Adesina on Nigeria’s GDP Per Capita Figures
Telecom1 day agoTelcos Plan Zero Tariff in Some Regions with Low Opex
News1 day agoCabals Still Fighting our Refinery – Dangote
Telecom1 day agoFCCPC Warns Meta: Quitting Nigeria Won’t Erase Legal Liabilities
E-Financial1 day agoFirst Asset Management Surpasses ₦1 Trillion in Assets Under Management
News1 day agoNPAN Hails Tribunal’s Ruling on FCCPC’s $220M Fine Against Meta