UBA, Redtech, MoMo PSB Forge Payment Interoperability Partnership Across Nigeria

In a significant move for Nigeria's financial landscape, United Bank for Africa (UBA), Redtech, and MoMo PSB have joined forces to create a more seamless payment experience for millions of Nigerians. This partnership directly addresses a critical need in the market: the fragmentation between traditional banking services and the rapidly growing mobile money ecosystem.

As highlighted by Kayode Olubiyi, UBA’s Head of Digital Banking, this initiative is a practical solution to the limitations faced with cash transactions and limited card access. By integrating MoMo PSB's 'Pay with MoMo' feature into UBA's extensive merchant network, the partnership unlocks new avenues for consumers to utilize their mobile wallets for everyday purchases. This is not just about convenience; it's about financial inclusion and ensuring that more Nigerians can participate fully in the digital economy.

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What this partnership represents is an honest and effective answer to the gap we identified in cash transactions and card access. Our merchants are already serving millions of customers every day through the UBA network. By bringing Pay with MoMo into that network, we are giving those merchants a direct connection to MoMo PSB’s customer base – and giving MoMo PSB customers more places to use their wallets when they shop. That is a clear win for both sides.

Emmanuel Ojo, CEO of Redtech, emphasized that the collaboration aligns with the principles of Africapitalism, a philosophy championed by Tony Elumelu, Chairman of Heirs Holdings. The core idea is to leverage African capital and entrepreneurship to drive development across the continent. By building robust payment infrastructure that accommodates diverse customer preferences, the partnership aims to ensure that no merchant has to turn away a customer due to their chosen payment method. This forward-thinking approach is crucial for fostering economic growth and empowering businesses of all sizes within Nigeria and potentially across Africa.

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This partnership is about making payments work more seamlessly for everyday commerce and most importantly, It aligns with Africapitalism, as championed by the Chairman of Heirs Holdings, Tony Elumelu, CFR. By integrating our RedPay technology with MoMo PSB’s wallets through the UBA network, we will offer merchants and customers greater choice. Our goal is to build the payment infrastructure that ensures a merchant never has to turn away any customer in Nigeria or across Africa because of their preferred payment method.