Africa’s Global Bank, United Bank for Africa (UBA) Plc, in collaboration with Mastercard, has officially launched a new prepaid card designed to accelerate financial inclusion and expand access to digital payments across Africa.
The product, unveiled at UBA’s headquarters in Lagos, Nigeria, offers a lifeline to millions of people traditionally excluded from formal banking. Unlike conventional bank cards, the prepaid card does not require a traditional account, making it especially useful for young adults, freelancers, gig workers, and low-income earners. Users can easily top up funds, carry out both local and international transactions, and manage spending securely.
With 28.9 million Nigerian adults still unbanked, and similar financial gaps existing across African markets, the prepaid card is being positioned as a digital-first solution to bridge pressing economic divides.
Speaking at the launch, Shamsideen Fashola, Group Head of Retail & Digital Banking at UBA, highlighted the bank’s focus on customer-centric innovation:
“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.”
Echoing this commitment, Dr. Folasade Femi-Lawal, Mastercard’s Country Manager for West Africa, emphasized the company’s role in democratizing access to secure financial services:
“At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions that serve both banked and unbanked Nigerians. 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.”
Beyond bridging the unbanked population, the prepaid card also offers tailored benefits. Cardholders can adopt it as a budgeting tool, freelancers can manage flexible expenses, while unbanked families gain access to a reloadable allowance card. Globally accepted and backed by Mastercard’s trusted infrastructure, the card assures seamless and secure digital experiences.
This collaboration underscores a broader commitment to shaping a sustainable financial future in Africa—breaking down barriers, empowering underserved communities, and advancing inclusive economic growth.
UBA, a pan-African financial powerhouse, serves over 45 million customers across 20 African countries, alongside operations in the United Kingdom, United States, France, and the United Arab Emirates. Its focus on innovation, digital platforms, and inclusivity has positioned it as a leading force in retail, commercial, and institutional banking on the continent.
Mastercard, operating in more than 200 countries and territories, continues to champion secure, smart, and accessible payment solutions, reinforcing its mission of building a sustainable digital economy where everyone can prosper.
