MTN, UBA, Others Seal Payments Alliance On Cardless Financial Access.
United Bank for Africa (UBA), MTN’s MoMo Payment Service Bank (MoMo PSB) and RedTech Limited have formalised a strategic partnership to expand access to digital payments, targeting millions of Nigerians without debit cards or reliable Internet access.
At the signing ceremony yesterday, Group Head, Digital Banking of UBA, Kayode Olubiyi, described the collaboration as a significant shift in the financial services ecosystem, driven by the combined strengths of banking, fintech and telecommunications.
He said: “Today we are seeing something great happening in our industry, what I call the ecosystem power. We are combining the strength of RedTech, MTN MoMo and UBA to deliver innovation through the UBA RedPay solution.”
He explained that the integration enables customers with funded MoMo wallets to transact directly on UBA RedPay point-of-sale (POS) terminals without internet connectivity or a bank card.
“What we are doing now is making that capability available to anyone that has a MoMo wallet. With the RedPay POS, it communicates directly with the customer’s phone number, which serves as the account. A flash message is sent instantly, the customer authorises with a PIN and the transaction is completed without the need for internet access,” he explained.
Managing Director and Chief Executive Officer of RedTech Limited, Emmanuel Ojo, said the partnership is built on a strong financial and operational framework designed to guarantee trust, security and scalability.
“From a financial standpoint, we are bringing together the risk infrastructure because all the parties involved are well regulated, which guarantees trust for the consumer. We are also combining the strengths of fintech and a global bank to deliver flexible solutions and secure transactions across markets,” he mentioned.
Ojo explained that the solution enables users to carry out transactions even without data services or internet-enabled devices, adding that customers with MoMo wallets can visit any UBA or RedTech POS terminal and complete seamless transactions using feature phones.
“What this offers the public is the ability to perform cardless transactions on POS terminals. For us, financial inclusion goes beyond opening an account. We want to form a habit and ensure that everyone has access to financial transactions. You don’t need to have any data. Even with a basic phone, you can complete transactions.”
Chief Executive Officer of MoMo PSB, Omolara Michael Nwadu, said the partnership builds on an existing relationship between both institutions and reflects a shared commitment to deepen access to financial services.
She said, “If you want to go fast, go alone, but if you want to go far, go together. That is what we are doing today. This journey started from a long relationship between MoMo and UBA, and we are glad to see it come to fruition.”
She clarified that the service is designed specifically for MoMo wallet users, who must have funded accounts to carry out transactions.
“Your MoMo account needs to be funded just like any other bank account. You can transfer from any bank, use USSD or apps, and with this partnership, you can also walk into a UBA branch to fund your wallet,” she said.
Explaining how it works, Nwadu said users can initiate payments on supported terminals by providing their phone numbers, after which a prompt is sent to their phones for authorisation.
“Imagine you are at a supermarket and you realise you forgot your card or you do not have data. If you have a MoMo account and the POS is a RedPay terminal, you simply provide your phone number, receive a flash message, input your PIN and the payment is completed,” she said.
She added that the initiative is expected to extend financial services to underserved communities by leveraging agent networks and existing POS infrastructure, enabling access to payments and other basic services.
