Leading banking group United Bank for Africa (UBA) has officially introduced UBA MasterCard for its estimated 750 branches, easing the process of making transactions for its 7 million customers.
The new service was unveiled at the bank’s headquarters in Lagos, Nigeria last week.
The Internet-supported system is ATM-compatible, while users can also use it at the Point of Sales (PoS). UBA said its customers will benefit from the convenient, simple and affordable mode of money transaction irrespective of time or location.
UBA’s Head of Cards Unit Adedeji Olowe said MasterCard will be rolled out across all of the bank’s branches in Africa.
“UBA is offering customers world-class products to roam their money in naira and three other currencies, dollar, pounds and euro. UBA represents the biggest potential for MasterCard in Nigeria today and across Africa,” Olowe said.
UBA is providing a complete payment cards system, including debit, prepaid and corporate cards with premium categories such as Gold, Platinum and World, he added. UBA says the services will not have any annual expenditure limitations, irrespective of the currency.
MasterCard Worldwide Sub-Saharan Africa president Daniel Monehin said the partnership with UBA would transform money transaction services, with millions of customers expected to benefit from the project.
UBA was established in 1949 and now has 7 million customers across Africa, with branches in 20 sub-Saharan African countries. It also operates in France,United Kingdom and United States of America.
According to last year’s estimates, the valuation of UBA Group’s total assets is close to US$12.3 billion, with shareholders’ equity of US$1.07 billion.
MasterCard is the second largest financial network in the world offering services in 210 countries, with over 1 million ATMs and 32 million business locations.
