United Bank for Africa (UBA) Plc has partnered with Mastercard to launch a prepaid card designed to broaden access to financial services and support the growing demand for digital payments in Nigeria and across Africa.
The product targets individuals without traditional bank accounts, including young adults, gig workers, and low-income earners who often face barriers in accessing the formal financial system.
With the card, users can load funds, perform local and international transactions, and manage their spending securely and conveniently.
Nigeria’s financial access gap remains significant with more than 28.9 million adults still unbanked. Analysts say the rollout of prepaid solutions is timely given the rising adoption of digital-first financial tools among freelancers and youth populations.
Shamsideen Fashola, Group Head of Retail and Digital Banking at UBA, said the launch demonstrates the bank’s customer-first approach.
According to him, the prepaid card will provide Nigerians with a simple and practical solution to everyday financial needs.
“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,” Fashola said.
Dr. Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, said the partnership aligns with Mastercard’s agenda to expand financial inclusion through secure digital payment infrastructure.
She explained that collaboration with UBA will enable underserved communities to participate in the global 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. Collaborating with UBA enables us to unlock endless possibilities by connecting individuals across all income levels, demographics, and social strata,” Femi-Lawal stated.
The prepaid card offers distinct benefits for multiple user categories. Young people and students can use it as a budgeting tool.
Freelancers and gig workers can rely on it for flexible expense management, while unbanked individuals are provided with a secure, reloadable allowance card.
Backed by Mastercard’s global network, the product is internationally accepted and offers peace of mind for cross-border payments.
Industry stakeholders say the UBA–Mastercard prepaid card is a significant step toward reducing Nigeria’s financial exclusion rate. By addressing challenges such as affordability, accessibility, and trust, the solution is expected to accelerate digital payment adoption and strengthen the retail banking market.
The partnership underscores UBA’s strategic focus on expanding its digital banking footprint while advancing financial inclusion across Africa.