Banking
UBA Debit MasterCard Makes Cashless Seamless in Cameroon
By Modupe Gbadeyanka
In line with its strategic vision to introduce innovative payment solutions that meet the needs of people across Africa, the United Bank for Africa (UBA) Plc has announced the rollout of the Debit MasterCard card in Cameroon in support of financially empowering all citizens.
Focused on displacing cash, the electronic payment solution will deliver a quick, convenient and secure payment alternative for all citizens – instantly.
The Debit MasterCard card gives the cardholder full control of their funds and provides them with the ability to deposit funds directly from a savings or current account, thereby reflecting all transactions in real time.
The lender’s Group Head in charge of Digital Banking, Mr Yinka Adedeji, while commenting on this, stated that, “As a group, we are committed to driving financial inclusion and empowering businesses across Africa, and our partnership with MasterCard enables us to deploy safe electronic solutions to the benefit of the entire country.”
Cameroonians can visit any UBA branch across the country to request the card, and cardholders don’t have to wait days or weeks to receive the card, they will instantly be signed up and can start using the debit card immediately.
The UBA and MasterCard partnership is helping to empower people through access to financial tools, with the launch in Cameroon following the recent rollout in Ghana.
The quick go-to-market strategy is ensuring that more people are connected to the formal financial sector, giving them the power to pay for goods and services in-store or online wherever MasterCard is accepted. The debit card can also be used at any ATM locally, and at millions of ATM locations worldwide.
Also commenting, the Managing Director/CEO, UBA Cameroon, Mr Udom Isong said, “The introduction of the UBA Debit MasterCard into the market will enable our customers to carry out their banking transactions in a safer, more convenient and more reliable manner. Our customers’ needs are changing and as they change, we will continue to adopt smart technology solutions that deliver superior services.”
Omokehinde Adebanjo, Vice President and Area Business Head for West Africa, MasterCard said, “In order to drive financial inclusion we need to ensure all Africans feel confident that their money is secure. The UBA Debit MasterCard introduces the latest global payment standards with EMV Chip and PIN technology embedded into the card making it difficult for fraudsters to duplicate your information.”
The chip embedded into the card contains information that is encrypted making it almost impossible for the card to be copied or counterfeited. The chip card will also have a magnetic stripe on the back, so that cardholders can continue using their cards while merchants are transitioning to new chip-enabled terminals.
Cardholders will also be able to select their own PIN, giving them full control to approve transactions at the point of sale or when withdrawing cash from ATMs.
Adebanjo also said that both organisations were focused on boosting the financial inclusion across Africa She highlighted that the partnership supported MasterCard’s global commitment to financially empower more people by 2020.
UBA Cameroon is highly regarded for its innovation in the banking sector in the country, helping to build a strong reputation across Africa. In 2015, UBA Cameroon become the first bank in Africa to win the ‘Prepaid Card Innovation of the Year’ and has also received The Bankers’ Magazine Bank of the Year Award, four times.
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.
