The Mastercard prepaid card was introduced by United Bank for Africa (UBA) Plc and Mastercard to increase access to digital payment options and financial inclusion throughout Africa.
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. Users can easily top up funds, conduct local and international transactions, and securely and flexibly manage their spending thanks to it. 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 directly fills urgent gaps in the financial system.
According to Shamsideen Fashola, Group Head, Retail & Digital Banking, United Bank for Africa (UBA), the launch exemplifies the bank’s customer-first philosophy. The bank is dedicated to making sure that every Nigerian is banked and receives the best service, he said.
Continuing, Fashola had this to say: “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.”
Futhering, Dr. Folasade Femi-Lawal, Country Manager for Mastercard in West Africa, 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 are empowering Nigerians with the tools they need to confidently participate in the global economy and shape a more inclusive digital future.”
BrandSpur banking and finance news desk reports that different user groups can benefit from the prepaid card in different ways. Freelancers and gig workers benefit from a flexible expense solution, cardholders can use it as a handy budgeting tool, and the unbanked are empowered by a safe, reloadable allowance card. The product offers users peace of mind and smooth digital payment experiences because it is widely accepted and supported by Mastercard’s reliable infrastructure.
