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UBA, Mastercard Boost Financial Inclusion With ‘Accountless’ Prepaid Card

by BUKOLA ARO-LAMBO
3 weeks ago
in Business
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United Bank for Africa (UBA) Plc, in partnership with Mastercard, has launched a Mastercard prepaid card to accelerate financial inclusion further and expand access to digital payment solutions across Africa.
The card, which does not require a traditional bank account, is designed to serve individuals historically lacking access to formal financial services, particularly young adults, gig workers, and low-income earners.

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The bank said on Wednesday that it enables users to top up funds easily, transact both locally and internationally, and manage spending flexibly and securely.

With more than 28.9 million adults in Nigeria remaining unbanked, and digital-first tools increasingly demanded by youth and freelancers, the prepaid card directly addresses pressing gaps in the financial ecosystem.

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The group head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, noted that this is a demonstration of the bank’s customer-first approach and stated that the bank is committed to ensuring that every Nigerian is banked and gets the best service.

“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,” he said.

Commenting on the partnership, Mastercard’s country manager for West Africa, Dr Folasade Femi-Lawal, said: “At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions that serve both banked and unbanked Nigerians.

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“Collaborating with UBA enables us to unlock endless possibilities by connecting individuals across all income levels, demographics, and social strata. Together, we empower 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 different user groups. Cardholders can use it as a convenient budgeting tool; freelancers and gig workers gain a flexible expense solution; and the unbanked are empowered through a secure, reloadable allowance card. The product is globally accepted and supported by Mastercard’s trusted infrastructure, providing users with peace of mind and seamless digital payment experiences.

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