United Bank of Africa has launched its first merchant app in Nigeria, with the goal of connecting 100,000 micromerchants to the larger economy during 2017. The app will include Masterpass QR, a mobile payment method from Mastercard, according to a press release.
UBA will work with additional partners to aid in rolling out the program. Innovectives, a Nigerian financial technology provider and payment facilitator, will support the program with technical development and value-added services.
The app will enable business owners to receive notifications about payments in real time and track sales trends, as well as offer additional services such as bill payments to their customers, Mastercard said.
Last June, Mastercard announced a commitment to connect 40 million new micro and small merchants to its network. This partnership is a part of that initiative, the company said.
According to Mastercard, micro, small and medium enterprises (MSMEs) are important contributors to the African economy, but rely heavily on cash. Mobile payments solutions can help provide safer and more convenient ways to pay.
“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,” said Omokehinde Adebanjo, vice president and area business head for West Africa, Mastercard, in the release. “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.”
“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,” said UBA’s Group Head, Consumer and Digital Banking, Dr. Yinka Adedeji.