United Bank for Africa (UBA) has introduced merchant-focused app featuring MasterCard’s mobile payment solution, Masterpass QR.
The app, dubbed UBA Masterpass QR Merchant App, is touted to be the first merchant app in Nigeria and the rest of Africa.
The launch is part of UBA’s strategy to connect 100,000 micro merchants to formal economy by early 2017 to drive financial inclusion in the region.
The move follows the Pan African commitment made by the UBA and MasterCard in July 2016, whereby both firms agreed to roll out safer and more convenient ways to pay for goods and services in Nigeria and across the continent.
Using merchant app, business owners can receive instant notification of payments in real time, view their current banking statement and get insights about sales trends.
In order to enable the merchants to expand their existing business model and develop a SMART network of micro merchants, the app will enable them to provide value added services such as bill payments or airtime top-ups to their customers.
UBA Group head of consumer and digital banking Yinka Adedeji said: “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 UBA Masterpass QR Merchant App is just such a solution.”
MasterCard vice president and area business head for West Africa Omokehinde Adebanjo said: “As part of our commitment to empowering MSMEs, the introduction of Masterpass QR through our partner’s mobile merchant app is one of the most significant contributions we have made to Africa.
“It speaks directly to our global goal of connecting 40 million MSMEs to our payment network by 2020, in support of our global Financial Access 2020 commitment.”