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UBA says MasterCard deal will ‘improve financial literacy’

UBA says MasterCard deal will ‘improve financial literacy’
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Kennedy Uzoka, Deputy Managing Director of United Bank of Africa (UBA) has said its partnership with US payment technology giant, MasterCard, will enhance adoption of cashless payments and also improve financial literacy in sub-Saharan Africa.

The companies announced completion of a multi-country licensing project that will see UBA customers accept and issue MasterCard prepaid, debit and credit cards in 14 countries across sub-Saharan Africa.

Under the plan, 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.

Prior to the completion of the deal, United Bank for Africa was licensed to issue MasterCard payment products in Nigeria. UBA and its subsidiaries serve more than seven million customers, with a network of over 700 business offices across Africa.

UBA is now licensed to accept and issue MasterCard products in Cameroon, Chad, Democratic Republic of Congo, Gabon, Ghana, Guinea (Conakry), Kenya, Liberia, Mozambique, Republic of Congo (Brazzaville), Sierra Leone, Tanzania, Uganda and Zambia, the bank 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”, UBA said.

Also commenting on the partnership 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.”

The partnership will also allow 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.

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Kolade Akinola Technology Journalist at Technology Times Mobile: + 234 (0) 807 401 6027