UBA, Mastercard launch prepaid card
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has partnered with Mastercard to launch a prepaid card designed to expand financial access and promote digital payment adoption across Africa.
Announced on Tuesday, the card aims to bring banking services to individuals who have long been excluded from formal financial systems, including young adults, gig workers, and low-income earners. Unlike traditional cards, it does not require a bank account, allowing users to load funds easily, make local and international transactions, and manage their finances securely and flexibly.
With an estimated 28.9 million Nigerian adults still unbanked and digital payment tools in rising demand among younger demographics and freelancers, the initiative seeks to bridge significant gaps in the country’s financial services landscape.
The launch event, held on Monday at UBA’s Lagos headquarters, was attended by Mastercard’s Country Manager for West Africa, Dr Folasade Femi-Lawal, and UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola.
Speaking at the event, Mr Fashola said the initiative reflects UBA’s commitment to offering solutions that simplify payments and extend financial services to underserved populations.
“This collaboration with Mastercard is yet another demonstration of our customer-first approach,” he said. “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.”
Dr Femi-Lawal of Mastercard echoed this sentiment, stressing the company’s mission to create a more inclusive digital economy.
“At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions that serve both banked and unbanked Nigerians,” she said. “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 a wide range of users. It serves as a budgeting tool for individuals, provides freelancers and gig workers with a flexible way to manage earnings, and offers the unbanked a safe, reloadable allowance card. Backed by Mastercard’s global payment infrastructure, it ensures security and seamless digital payment experiences for cardholders anywhere in the world.
The UBA-Mastercard partnership is part of a broader effort to break down systemic barriers to financial access, boost economic growth, and enable underserved communities to benefit from sustainable financial services.