UBA and Mastercard have launched prepaid card to boost financial inclusion in Africa.
NewsOnline Nigeria reports that United Bank for Africa (UBA) Plc, in collaboration with Mastercard, has introduced a Mastercard prepaid card aimed at advancing financial inclusion and expanding access to digital payment solutions across Africa.
The new card, which does not require a traditional bank account, targets individuals historically excluded from formal financial services, including young adults, gig workers, and low-income earners.
UBA announced on Wednesday that the card allows users to easily top up funds, conduct transactions locally and internationally, and manage spending with flexibility and security.
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With over 28.9 million adults in Nigeria still unbanked and rising demand for digital-first tools among youth and freelancers, the prepaid card addresses critical gaps in the financial ecosystem.
Shamsideen Fashola, Group Head of Retail & Digital Banking at UBA, said the initiative demonstrates the bank’s customer-first approach. “This collaboration with Mastercard is yet another demonstration of our commitment to providing practical solutions that meet everyday needs. This card will make payments simpler, safer, and accessible to all,” he said.
Mastercard’s Country Manager for West Africa, Dr. Folasade Femi-Lawal, added: “We are committed to advancing financial inclusion through innovative and secure digital payment solutions. Partnering with UBA allows us to connect individuals across all income levels, empowering Nigerians to confidently participate in the global economy and shape a more inclusive digital future.”
The prepaid card offers tailored benefits for various users: it serves as a convenient budgeting tool for individuals, provides a flexible expense solution for freelancers and gig workers, and empowers the unbanked with a secure, reloadable allowance card. Supported by Mastercard’s global infrastructure, the card ensures seamless digital payments and worldwide acceptance.
