United Bank for Africa Plc (UBA) recently enhanced both its Point of Sale (POS) terminal and the UBA MONI App to offer streamlined, quick, and safe services to its clients throughout Africa and beyond.
The UBA MONI App and its significantly enhanced POS terminal were recently unveiled by UBA. By taking this action, the financial institution hopes to redefine the digital payment landscape, which offers its more than 45 million clients worldwide secure services and ease of transactions.
Its purpose is also to facilitate the smooth banking operations of Small and Medium-Sized Enterprises (SMEs) and to empower them.
According to UBA, the POS and MONI App platforms have been upgraded as part of its ongoing campaign, which has its theme: Innovation for Progress: Empowering SMEs, Connecting Communities, Simplifying Banking. With features like instant settlement, real-time monitoring, pay-by-link functionality, and a 100% transaction success rate, the recently upgraded point-of-sale system offers customers efficiency and ease in conducting business. These features are all intended to increase efficiency, transparency, and merchant trust. Because the terminals are designed to accommodate companies of all sizes and offer the speed, dependability, and quick-paced services that modern merchants require, customers can benefit from flexibility with the new service.
Additionally, the UBA MONI App has been updated with new features aimed at bolstering the agency banking network of financial institutions. The features—which give agents and customers an even more user-friendly and secure experience—include instant settlement, pay-by-transfer options, secret question security, an improved inbox, and a redesigned homepage. These features are in addition to the app’s core functions, which include instant account opening with BVN/NIN, real-time transfers, cash deposits and withdrawals, airtime/data payments with agent discounts, and instant POS deployment.
Amid business frontier expansion, the POS and MONI Apps needed to be upgraded to improve security, speed and reliability of transactions, integrate with the digital banking ecosystem, and support new payment channels. UBA’s digital banking platforms, such as the Leo chatbot, internet banking, and mobile app, now integrate seamlessly with the POS terminals. In Africa, UBA boasts one of the biggest distribution networks. In Africa, there were more than 1,000 branches and customer service locations as of 2024. Full deployment of more than 430,000 point-of-sale (POS) machines and 2,669 automated teller machines (ATMs). In the same year, it had 5.8 million Leo users and more than 32.6 million digital banking customers.
Furthermore, as of 2024, UBA reported that more than 21.2 million cards were in use. The financial institution’s improved offering and strong digital banking play were reflected in the double-digit growth in key transactional income lines that year.
40 percent of total fees and commission income comes from e-banking, which increased from N125.57 billion in 2023 to N236.3 billion in 2024. This growth is supported by our ongoing focus on technology-led innovation and the best possible customer experience.
UBA stated that the significant increase in its digital banking revenue, which increased by 91.9% year over year to N253.0 billion in 2024, shows that its investments in cutting-edge technology are still producing the anticipated results.
As stated in the 2024 investors & analysts presentation available to BrandSpur banking and finance news desk: “These gains have enabled us to optimise net earnings amid the accelerating inflationary pressure, currency devaluation, and increased regulatory-induced cost. Digital banking adoption continues to drive our digital banking transaction volumes and revenues.”
Continuing, UBA Leo (Chat Banking), an AI-powered virtual banker accessible on WhatsApp, Facebook Messenger, Apple Business Chat, and UBA USSD Code *919# are some of UBA’s other digital channels.
- The UBA Mobile Banking App facilitates transfers, bill payments, airtime purchases, card management, and account monitoring.
- UBA Internet Banking facilitates both domestic and international transfers.
Additionally, the group offers UBA Pay with QR/mPOS as well as scan-to-pay through third-party wallets or the UBA Mobile App. Small businesses can also use the QR’s mini POS.
- UBA Payment Gateway and e-BillsPay also aimed to enable online payment processing for businesses and merchants.
Across all of its platforms, UBA’s digital transformation has been shaped and accelerated by Mr. Oliver Alawuba, Group Managing Director & CEO.
Through aggressive digital investment, among other things, his leadership is fostering innovation and providing value for the bank and its clients. He has emphasised that UBA has “invested so much in digital banking,” handling approximately 90% of all transactions online at this time, with a goal of 95% soon.
UBA, which is leading the way in Nigerian banking, has improved its mobile app and implemented chatbot banking under Alawuba’s direction. In addition to strengthening UBA’s Customer Fulfilment Centre to handle problems quickly and improve digital services, he reframed “complaints” as essential feedback.
With operations in 20 African nations, UBA’s digital platform accounts for more than half of its profitability.
Digital banking is essential for providing services across such diverse markets, he emphasised when expanding into France and Saudi Arabia.
UBA can better control operating expenses, improve fraud prevention, and provide more dependable services thanks to digital transformation, as Alawuba has pointed out. By establishing UBA as Africa’s leading digitally-enabled pan-African bank and planning for future international growth, his vision goes beyond simple transactional banking to encompass transformation.
According to Shamsideen Fashola, Group Head, Retail and Digital Banking at UBA, the company is constantly searching for new and innovative ways to enhance its services and products to provide its clients with exceptional experiences as they go about their everyday business. He stated: “At UBA, we are constantly innovating to provide seamless and secure payment solutions for businesses of all sizes. The new UBA POS and MONI App are designed to empower merchants and agency banking with instant settlements, real-time transaction tracking, and unmatched reliability – ensuring they can focus on growing their businesses with a trusted partner.
“This next-generation POS is not just a payment device; it’s a powerful tool that helps businesses stay competitive in a fast-paced economy. With UBA’s extensive reach and robust infrastructure, we are bringing convenience and confidence to every transaction. With the upgraded MONI App, we are equipping our agents, many of whom serve smaller communities, with faster tools, greater transparency, and an enhanced user experience that will help them grow their businesses while serving millions of underserved customers,” he added.
Furthering, UBA’s ongoing investment in digital infrastructure, according to Fashola, is consistent with its larger goal of assisting African companies by providing technology-driven banking solutions that offer value, scalability, and trust.
Alero Ladipo, Group Head, Marketing and Corporate Communication at UBA, spoke about the bank’s steadfast dedication to providing creative solutions that satisfy its clients’ changing demands.
She had this to say: “We understand that speed, transparency, and reliability are critical for business growth, and that’s exactly what the new UBA POS and Moni App deliver. At UBA, we are not just providing a payment device, we are offering a promise of efficiency, trust, and support to the thousands of businesses that rely on us daily. This solution is a testament to our dedication to helping our customers thrive in today’s digital economy.”
However, she urged business owners, merchants, and agent banking partners to visit any UBA branch across the country or visit the bank’s website to take advantage of the wide range of offerings.
