Banking
UBA Boosts MSMEs with Masterpass QR Payment
By Dipo Olowookere
United Bank for Africa (UBA) has introduced its first merchant-focused app in Africa, aimed at creating a secure, mobile, accessible, reliable and transparent (SMART) network of 100,000 micro merchants and driving financial inclusion.
The Merchant App will include Masterpass QR, a mobile payment solution powered by MasterCard, and is immediately available for download to any feature or smart phone in the country.
Micro, Small and Medium Enterprises (MSMEs) contribute significantly to the economy but remain heavily dependent on cash to run their business; however, consumers are demanding safer and more convenient ways to pay.
Access to mobile technology is presenting an opportunity to meet this demand, and the new UBA Masterpass QR Merchant App is set to change the payment landscape to the benefit of micro merchants across the country.
The announcement follows the Pan African commitment made by UBA and MasterCard in July 2016, to introduce safer and more convenient ways to pay for goods and services in Nigeria and across the continent.
Masterpass QR is being introduced across all UBA’s subsidiaries in the rest of Africa.Nigeria has been selected as the first market to go live with the merchant app because of the country’s eagerness to adopt smart tech solutions.
“As a group, we are committed to driving financial inclusion and empowering businesses across Africa. Our partnership with MasterCard enables us to deploy safe digital solutions for customers and the banking public. UBA MasterCard QR Merchant App is another of such solution,” said UBA’s Group Head Consumer and Digital Banking, Dr Yinka Adedeji.
Dr Adedeji confirmed that UBA will be working with other MasterCard partners that are experts in their respective fields thereby further supporting the local industry.
Innovative, an integrated Fintech company and Nigeria’s leading Agent Network Manager will support with technical development and value added services component of the roll-out while Grooming Centre, the leading Micro Finance Institution in the country will provide the micro merchants access to finance.
He reinforced that the powerful collaboration will be a game changer for micro merchants in Nigeria, and across Africa.
With UBA Masterpass QR Merchant App, business owners are able to receive instant notification of payments in real time, view their current banking statement and get insights about sales trends. These features will help merchants to plan their businesses better thereby enabling easier access to financial support. It also provides micro merchants the ability to offer value added services such as bill payments or airtime top-ups to their customers, thus enabling the merchants to expand their current business model and develop a SMART network of micro merchants that are moving beyond cash.
“As part of our commitment to empowering MSMEs, the introduction of Masterpass QR through our partner’s mobile merchant app is one of the most significant contributions we have made to Africa,” said Mrs Omokehinde Adebanjo, Vice President and Area Business Head for West Africa, MasterCard. “It speaks directly to our global goal of connecting 40 million MSMEs to our payment network by 2020, in support of our global Financial Access 2020 commitment.”
She added that the MasterCard partnership with UBA will focus on developing the acceptance infrastructure in Nigeria and across the continent, which in turn will develop a SMART network of micro merchants. These smaller businesses and consumers will benefit from the introduction of easy-to-access solutions such as Masterpass QR which will drive inclusion and deliver a cashless economy.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
