United Bank for Africa (UBA) Plc has partnered with global payment giant Mastercard to launch an innovative prepaid card designed to accelerate financial inclusion across Africa.
This strategic collaboration addresses the critical need for accessible digital payment solutions, particularly targeting Nigeria’s substantial unbanked population of 28.9 million adults.
The Mastercard prepaid card represents a paradigm shift in banking accessibility, requiring no traditional bank account for activation. This groundbreaking approach specifically serves individuals historically excluded from formal financial services, including young adults, gig workers, and low-income earners who have been marginalized by conventional banking requirements.
The prepaid card offers comprehensive functionality, enabling users to top up funds easily while conducting both local and international transactions with enhanced security features. Digital-first tools have become increasingly essential for Nigeria’s growing youth population and freelance workforce, making this solution particularly timely and relevant.
Shamsideen Fashola, Group Head of Retail & Digital Banking at UBA, emphasized the bank’s customer-first philosophy during the Lagos headquarters launch event. “This collaboration with Mastercard is yet another demonstration of our customer-first approach,” Fashola stated, reinforcing UBA’s commitment to providing practical solutions that make payments simpler, safer, and universally accessible.
Dr. Folasade Femi-Lawal, Mastercard’s Country Manager for West Africa, highlighted the company’s dedication to advancing financial inclusion through innovative digital payment solutions. “Collaborating with UBA enables us to unlock endless possibilities by connecting individuals across all income levels, demographics, and social strata,” she explained, emphasizing their shared vision of empowering Nigerians to participate confidently in the global economy.
The prepaid card delivers targeted advantages for multiple user segments, functioning as a convenient budgeting tool for general consumers while providing freelancers and gig workers with flexible expense management solutions. For the unbanked population, it serves as a secure, reloadable financial instrument backed by Mastercard’s trusted global infrastructure.
This collaboration represents a significant step toward creating a more inclusive and sustainable financial future across Africa, systematically breaking down barriers and enabling underserved communities to drive economic growth.