UBA, MasterCard seal five-year deal for 19 African markets

United Bank for Africa (UBA) and MasterCard have sealed a partnership deal, which will see UBA act as the issuer for MasterCard in 18 new markets in Africa.

The partnership, which has already taken off in the second quarter of 2016, will also see UBA issue a wide range of MasterCard- credit, debit and prepaid across these markets.

The deal will also focus on increasing the payments infrastructure across Africa, including the roll out of point-of-sale and mobile-point-of-sale technology, to ensure merchants are able to accept the cards when introduced into these markets.

The 19 African countries in which the bank currently operates are Nigeria, Benin, Burkina Faso, Cameroon, Chad, Cote D’Ivoire, Democratic Republic of Congo, Equatorial Guinea, Ghana, Gabon, Guinea, Guinea-Bissau, Kenya, Liberia, Mozambique, Republic of Congo, Senegal, Sierra Leone, Tanzania, Uganda and Zambia.

“As the needs of our customers change, we are adapting through strategic innovations and partnerships to provide them with excellent and convenient services. Through these strategic partnerships, we are able to accelerate the drive for financial inclusion and economic well-being across the African continent,” the Group Managing Director-Designate, UBA, Kennedy Uzoka, said.

Division President for Sub-Saharan Africa, MasterCard, Daniel Monehin, said: This focus on infrastructure and the roll out of easy-to-access solutions is a key part of driving financial inclusion and a move away from cash in these markets. MasterCard’s continued innovation in the payments space coupled with UBA’s extensive pan-African network will mean the introduction of increased competition and a stronger financial sector in these regions.”

MasterCard has set a goal to connect 40 million micro and small merchants to its electronic payments network within five years, as part of its commitment to the Universal Financial Access 2020 target made last year.

To date, financial inclusion has been predominantly centered on providing the underserved and the unbanked with tools and transaction accounts.

“Collaborating with UBA has allowed for maximum impact when it comes to changing lives and introducing smarter ways for people to pay in Africa. Creating financially inclusive societies is dependent on these kinds of partnerships and we will continue to look for ways to partner in Africa going forward,” Monehin said.