United Bank for Africa Plc and Mastercard have introduced the Mastercard prepaid card to increase access to digital payment options and promote financial inclusion throughout Africa.
UBA said in a statement on Tuesday that the card, which doesn’t require a traditional bank account, is intended for people who haven’t had access to formal financial services in the past, especially low-income earners, young adults, and gig workers.
Thanks to it, users can easily top up funds, conduct local and international transactions, and securely and flexibly manage their spending.
Bridging the gap in the financial system
Given that over 28.9 million Nigerian adults lack access to banking and that young people and independent contractors are calling for more digital tools, the prepaid card fills urgent financial system gaps.
Speaking at the launch, Shamsideen Fashola, Group Head, Retail & Digital Banking, United Bank for Africa, characterised it as an example of its customer-first strategy.
He said, “This collaboration with Mastercard is yet another demonstration of our customer-first approach. We are committed to providing practical solutions that meet the everyday needs of Nigerians, and this card will make payments simpler, safer, and accessible to all.”
Enhancing financial inclusion
According to Dr. Folasade Femi-Lawal, Country Manager for Mastercard in West Africa, the company is steadfastly dedicated to promoting financial inclusion by offering safe and cutting-edge digital payment solutions to Nigerians with and without bank accounts.
She stated, “At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions that serve both banked and unbanked Nigerians. Collaborating with UBA enables us to unlock endless possibilities by connecting individuals across all income levels, demographics, and social strata. Together, we empower Nigerians with the tools they need to confidently participate in the global economy and shape a more inclusive digital future.”
Prepaid cardholders can use prepaid cards as a handy budgeting tool and provide freelancers and gig workers with a flexible expense solution. Additionally, a safe, reloadable allowance card empowers the unbanked. Thanks to the product’s worldwide acceptance and support from Mastercard’s reliable infrastructure, users can enjoy seamless digital payment experiences and peace of mind.