United Bank Africa (UBA) and MasterCard have announced a partnership, pursuant to which the bank will serve as the issuer for MasterCard in 18 new markets in Africa.
Under the five-year deal, which will become effective in the second quarter of 2016, UBA will issue MasterCard credit and prepaid cards across 18 markets.
The markets include: Nigeria, Benin, Burkina Faso, Cameroon, Chad, Cote D’Ivoire, Democratic Republic of Congo, Equatorial Guinea, Ghana, Gabon, Guinea, Guinea-Bissau, Kenya, Liberia, Mozambique, Republic of Congo, Senegal, Sierra Leone, Tanzania, Uganda and Zambia.
Additionally, the collaboration will focus on increased payments infrastructure across Africa, including the launch of point-of-sale and mobile-point-of-sale technology, to ensure merchants are able to accept the cards when unveiled into these markets.
UBA group managing director-designate Kennedy Uzoka said: “As the needs of our customers change, we are adapting through strategic innovations and partnerships to provide them with excellent and convenient services.
“Through these strategic partnerships, we are able to accelerate the drive for financial inclusion and economic wellbeing across the African continent.”
MasterCard division president for Sub-Saharan Africa Daniel Monehin said: “This focus on infrastructure and the roll out of easy-to-access solutions is a key part of driving financial inclusion and a move away from cash in these markets.
“MasterCard’s continued innovation in the payments space coupled with UBA’s extensive pan-African network will mean the introduction of increased competition and a stronger financial sector in these regions.”