Business News of Saturday, 11 March 2017
The United Bank for Africa (UBA), in partnership with MasterCard, has launched the UBA MasterCard that allows customers to do transactions at Automated Teller Machines (ATMs), pay for goods and services and carry out secure web transactions.
According to the highly diversified financial services provider, the UBA MasterCard, which was accepted in over 210 countries, could also be used locally.
The UBA MasterCard is directly linked to a current or savings account, thus all transactions done are reflected in the customer’s account in real time.
With a customer base in excess of 10 million across Africa, UBA has invested heavily in building robust and secure digital banking platforms across Africa.
Speaking at the launch, Mrs Abiola Marufatu Bawuah, the Managing Director of UBA Ghana, noted that the needs of its customers were changing, therefore, it was appropriate to adapt through strategic innovations to provide them accessible and superior services.
She stated that through this partnership UBA was able to drive financial inclusion and economic wellbeing across Africa.
Mrs Bawuah said UBA’s strategic partnership would focus on increased payment infrastructure across Africa, including the roll out of point of sale and mobile point of sale technology, to ensure that merchants were able to accept cards introduced into the African markets.
Madam Omoke Adebanjo, the Area Business Head, West Africa for MasterCard, described ‘cash’ as its biggest competitor around the world, because most of the electronic payments were still new.
Though the electronic payment system is growing well 85 per cent of transactions done around the world is still in cash.
Madam Adebanjo, who said she was delighted to be partnering UBA, added that the product and campaign dubbed: “Priceless U” was an initiative that had the consumer in mind, particularly in terms of safety, security, and rewards.
MasterCard is a technology company in the global payments industry which operates the world’s fastest payments processing network, connecting customers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.
Its products and solutions make everyday commerce activities such as shopping, travelling, running a business and managing finances easier, more secure and more efficient for everyone.