The United Bank for Africa (UBA), MTN Mobile Money (MoMo) and a fintech firm, RedTech, have unveiled a cardless payment solution aimed at deepening financial inclusion and improving access to digital transactions.
The initiative will enable users to carry out financial transactions without debit cards or internet-enabled devices, but by using Smart Payment System (SPS) terminals and basic mobile phones.
It will leverage a network of over 100,000 touchpoints nationwide, allowing users to conduct transactions such as withdrawals, transfers and bill payments seamlessly.
At the signing of a Memorandum of Understanding in Lagos on the partnership, UBA, MTN MoMo and RedTech said that the solution would bridge gaps in financial access, particularly among underserved and unbanked populations.
The Chief Executive Officer of RedTech, Mr Emmanuel Ojo, described the initiative as “historic convergence” of key players working to transform payment experiences across Africa and other emerging markets.
“This collaboration brings together global fintech capabilities and strong local ecosystems to expand access to financial services and improve inclusion,” he said.
The Acting Chief Executive Officer of MTN MoMo, Omolara Michael-Nwandu, said the integration would allow any MoMo wallet user to transact on SPS-enabled devices.
She said that the initiative would significantly expand reach beyond traditional banking channels.
“We are extending our ecosystem to ensure that anyone with a MoMo wallet can walk up to a terminal and carry out transactions seamlessly,” she said.
According to her, with this innovation, users can complete transactions without a card or data service.
On its part, UBA highlighted the strategic importance of its extensive network and digital banking infrastructure in driving such a solution.
The Group Head, Digital Marketing, UBA, Mr Kayode Olubuyi, also said the development demonstrated the power of ecosystem partnerships in deepening financial inclusion and enhancing customer experience.
“This is about simplifying payments and making financial services accessible to everyone, regardless of location or device,” he said.
He added that the solution would reduce the need for long-distance travel to bank branches, particularly in rural areas, while unlocking access to additional financial services.
He said the initiative was structured to reach remote communities by leveraging agent networks and offline capabilities. (NAN)
