UBA, Mastercard unveil prepaid card to drive financial Inclusion across Africa

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United Bank for Africa Plc (UBA) and Mastercard have launched a new prepaid card aimed at deepening financial inclusion and broadening access to secure digital payment solutions across Africa.

In a statement issued on Tuesday, UBA explained that the Mastercard prepaid card, which does not require a traditional bank account, was designed to serve individuals historically excluded from formal financial services, particularly young adults, gig workers, and low-income earners.

The bank noted that the card enables users to top up funds with ease, transact both locally and internationally, and manage their spending flexibly and securely.

Highlighting the importance of the initiative, UBA said the card directly addresses gaps in the financial ecosystem, with more than 28.9 million Nigerian adults still unbanked despite rising demand for digital-first tools among youth and freelancers.

Group Head, Retail & Digital Banking, UBA, Shamsideen Fashola, described the launch as a reaffirmation of the bank’s commitment to putting customers first.

He said, “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.

Also speaking, Mastercard’s Country Manager, West Africa, Dr. Folasade Femi-Lawal, stressed that the partnership reflects Mastercard’s broader mission to expand financial access.

She said, “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. Together, we are empowering Nigerians with the tools they need to confidently participate in the global economy and shape a more inclusive digital future.”

The prepaid card, which is globally accepted, offers a convenient budgeting tool for cardholders, a flexible expense solution for freelancers and gig workers, and a secure, reloadable allowance option for the unbanked. Supported by Mastercard’s trusted infrastructure, the product promises seamless digital payment experiences and peace of mind for users.

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