UBA, Mastercard Unveil Prepaid Card to Deepen Financial Inclusion

Nume Ekeghe

United Bank for Africa (UBA) Plc has partnered Mastercard to launch a new prepaid card aimed at accelerating financial inclusion and expanding access to digital payments across Africa.

The product, unveiled recently, was designed for individuals without traditional bank accounts, particularly young adults, gig workers, and low-income earners who often face barriers to accessing formal financial services. The card allows users to load funds, make local and international transactions, and manage spending securely and flexibly.

Nigeria’s financial access gap remains significant, with more than 28.9 million adults still unbanked.

Analysts say the rising demand for digital-first tools among freelancers and youth makes the prepaid solution timely.

In a statement, Group Head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, who noted that that was a demonstration of the bank’s customer-first approach, stated that the bank was committed to ensuring that every Nigerian is banked and gets the best service.

“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,” Fashola added.

Mastercard’s Country Manager, West Africa, Dr. Folasade Femi-Lawal, said: “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 are empowering Nigerians with the tools they need to confidently participate in the global economy and shape a more inclusive digital future.”
The prepaid card offers distinct benefits for different user groups. Cardholders can use it as a convenient budgeting tool; freelancers and gig workers gain a flexible expense solution; and the unbanked are empowered through a secure, reloadable allowance card. The product is globally accepted and supported by Mastercard’s trusted infrastructure, providing users with peace of mind and seamless digital payment experiences.

This collaboration aims to pave the way for a more inclusive and sustainable financial future in Africa, by striving to break down long-standing barriers, enable underserved communities, and advance economic growth.

The post UBA, Mastercard Unveil Prepaid Card to Deepen Financial Inclusion appeared first on THISDAYLIVE.

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