With the purpose of having a SMART (Secure, Mobile, Accessible, Reliable, Transparent) network of 100,000 micro merchants, United Bank of Africa (UBA) has unveiled its first app in Africa that is merchant-friendly.
The plan is in line with the Pan African commitment made by UBA and Mastercard in July 2016 to ensure easier, safer and more convenient ways of paying for goods and services in Nigeria and across the continent so as to boost international business.
The merchant-friendly app will feature Masterpass QR, a mobile payment solution powered by MasterCard, which is available for download to any feature or smart phone in the country.
It is noteworthy that Nigeria has been selected as the first market to go live with the merchant app and this will open wide range opportunities for international businessmen as regards payment of goods and services because Masterpass QR is being introduced across all UBA’s subsidiaries in the rest of Africa.
According to UBA’s Group Head Consumer and Digital Banking, Dr. Yinka Adedeji, “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.”
He noted that UBA would be in the same page with other Mastercard organisations that are experts in their respective field with the purpose of giving more support to the local industry.
He stated that Nigeria’s leading Agent Network Manager, Innovectives, would support in the area of technical development and value added services component while Grooming Center, the leading Micro Finance Institution in the country would make the provision for the micro merchants would have access to finance.
UBA Masterpass QR Merchant App Offers business owners the opportunities to receive instant notification of payments in real time, view their present banking statement and get snippet about sales trends.
These features will give merchants the opportunity of planning their businesses much better. It also provides micro merchants the ability to offer value added services such as bill payments or airtime top-ups to their customers, which in turn will enable the merchants to enlarge the coast of their current business model and develop a SMART network of micro merchants that are cashless in nature.
In his opinion about the lofty initiative, The Vice President and Area Business Head for West Africa, Mastercard, Omokehinde Adebanjo, said that the introduction of Masterpass QR through their partner’s mobile merchant app is one of the most significant contributions they had made to Africa, adding that It speaks directly to their global goal of connecting 40 million MSMEs to their payment network by 2020, in support of their global Financial Access 2020 commitment.
According to her, the Mastercard partnership with UBA would focus on developing the necessary infrastructure in Nigeria and Africa in general, stating that smaller businesses and consumers would also derive maximum benefit from the easy-to-access solutions that Masterpass QR offers.