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UBA Launches Salary Advance Credit Card for Workers

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United Bank for Africa (UBA) Plc, has announced the introduction of a new product “U-Advance Card,” a payment card that allows workers who operate a salary account with UBA to get a credit advance ahead of pay-day.

“The U-Advance Card is an internationally accepted card payment solution designed to address the salary account holders’ need for easy and quick access to extra funds during their monthly salary cycles, in form of a revolving, secured credit facility” said Dr Adeyinka Adedeji, divisional head, e-Banking, UBA Plc.

The U-Advance product will complement UBA’s existing suite of retail credit products in the form of a Naira based, short term, secured financing targeted at salary account holders and will provide frictionless access to much needed credit with the cardholder’s monthly salary as security.

Though available only to salary account holders with UBA Plc, non-UBA customers can pre-qualify by opening a salary account with UBA.

Ideal for staff of reputable organizations, affluent and high networth individuals (HNIs) who receive regular monthly salary; individuals wishing to obtain the U-Advance credit card can approach the nearest UBA business office for details on eligibility and how to apply.

Accepted locally and internationally, U-advance cardholders can make cash withdrawals at over 1.9 million ATMs worldwide and POS or web purchases at more than 30 million retail outlets around the world.

For safety, the U-advance card comes with the EMV certified chip & PIN technology plus the 3D Secure feature for enhanced protection during web transactions.

“The U-Advance Credit card has been introduced in line with UBA’s strategy of growing its retail business across Africa and strengthens its position as Africa’s financial solution power house. Access to this credit card is relatively easy as the main requirement is a valid salary account which has been operated for a period of no less than three months for existing customers and six months for new customers.” Dr Adedeji explained.

UBA, with more than seven million retail customers, is a major issuer of payment cards in the country.

The bank issues MasterCard, Visa and Verve cards.

UBA also pioneered the issue of Prepaid Cards in the country, which can be used without a bank account.

Cards are a key part of the UBA e-banking strategy hence the bank’s strategic partnerships with credible local and international retailers to ensure that all customers enjoy the advantages and convenience which come with the use of its payment cards.

UBA Debit and Prepaid Cards as well as the newly introduced U-Advance Credit Card are accepted across the 18 African countries the Bank operates in addition to over 30 million merchants locations around the world.

An ideal travel companion during the holidays, UBA cards offer convenience and a safer alternative to cash.

The UBA Group is a highly diversified financial services provider, with business offices in New York, Paris and a subsidiary in London.

A leading player on the African continent, UBA has significant market share and operations in 19 different African countries.

The Group has a strong retail franchise across the continent offering its more than seven million customers a bouquet of products and services tailored to meet their different financial needs.


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E-Financial

Banks Reopen Naira Card Payments for International Tuition Fees

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Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria (CBN)’s Form A portal.

Banks Reopen Naira Card Payments for International Tuition Fees

Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).

The form allows customers to purchase foreign exchange at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.

This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.

In an email to customers, Guaranty Trust Bank Limited (GTBank) and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.

“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.

To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.

GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”

Similarly, Lotus Bank stated, “Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application.”

In a similar notice,  Lotus Bank also informed customers of processing international fees using its facility.

“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.

In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.


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Safaricom, PayPal Collaborate to Link Mobile Money with Online Payments

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Safaricom, M-PESA and PayPal have announced a strategic collaboration to enable account linking and seamless fund transfers across their networks.

This collaboration aims to empower more than 35 million M-PESA customers and two million businesses and micro traders in Kenya to access PayPal’s global network.

By first linking their PayPal and M-PESA wallets, users can easily transfer funds from their PayPal accounts into their M-PESA wallets, and vice versa. This service is designed to enhance the experience for customers and businesses transacting between the two platforms.

The solution is currently available to Safaricom M-PESA customers in Kenya, with plans to roll out the service to the other M-PESA markets in the future.

“As globalization and digitization continue to reshape how people and businesses connect, our partnership with PayPal is a bold step forward in enabling seamless, worry-free, safe, secure, and inclusive digital payments.

“This collaboration empowers over thirty-five million customers and two million businesses and micro-entrepreneurs across Kenya to participate in the global digital economy by conveniently sending and receiving payments across more than 200 markets. It’s part of our commitment to unlocking opportunities and transforming lives through the power of M-PESA,” said Esther Waititu, Chief Financial Services Officer, Safaricom PLC.

“Building seamless connections between the global economy and local financial ecosystems is crucial to expanding digital financial inclusion,” said Otto Williams, Regional Head and General Manager for the Middle East and Africa, PayPal. “We are thrilled to enable millions of M-PESA’s customers across Africa connect more easily to PayPal’s international customer base.”

For 18 years, M-PESA has driven financial inclusion and bridged the digital divide. With M-PESA Kadogo, introduced in 2016, Safaricom waived fees for transactions of Kshs 100 and below, making digital payments more accessible. Now, through Ziidi MMF, customers can invest from as little as Kshs 100, promoting a culture of saving and financial wellness.

The partnership will tap into the emergence and growing popularity of the gig economy that has seen a rise among Africans accepting online jobs for clients across the world.

It equally marks a growing trend of interoperability between fintech providers with a goal of providing customers with a digital financial ecosystem that meets their needs by combining different capabilities.

PayPal is a leading global payment processor with more than 400 million active PayPal accounts operating across 200 markets, while M-PESA is Africa’s leading mobile money service connecting more than 50 million customers across Africa, 2 million businesses and micro traders, with more than $1.1 billion transacted daily.

 


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FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

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Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.

FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).

The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.

“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.

“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends

“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”

Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to  TheCable

Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.

In 2023, Nigeria was listed on the grey list by the  Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.

Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.

In November 2024, Hafsat Bakari,  chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.


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