UBA Targets Unbanked with ‘U-Mo’

MD UBA, Mr. Phillips Oduoza.

The United Bank for Africa Plc (UBA) said its mobile payment service – U-Mo, has been designed to help bring the country’s huge unbanked population into the banking system.

A statement from the bank also said it has been granted final licence by the Central Bank of Nigeria (CBN) to operate the mobile payment product.

It explained that the product was among the seven p Group Managing Director and Chief Executive Officer, UBA, Mr. Phillips Oduoza, was quoted to have said: “Apart from helping to bank the un-banked, we envisage that a lot of merchants in Nigeria will migrate to cashless payments using their mobile phones to complement the Point of Sales (PoS) terminals.”

The bank also said it had deployed and commenced full operations with the establishment of Afripay; its mobile banking subsidiary.

Speaking shortly after receiving the licence in Abuja, Chief Executive Officer, Afripay, Mr. Yinka Adedeji, was also quoted to have commended the apex bank for its efforts in promoting cashless economy through mobile payment platforms that guarantees easiness and efficiency.

According to him the granting of final licence to Afri-Pay was a demonstration of superior technical, security, financial and business readiness.

“We are greatly encouraged by this development. It is a significant morale booster given that we have been ready for full operations since November, 2010. Various categories of customers including the banked and un-banked have begun to embrace our services,” Adedeji said.

Adedeji said Afripay had introduced a number of products including U-Mo Silver, U-Mo Gold and U-Mo Platinum.

“U-Mo Silver is for customers with very little information and it allows them to spend or pay up to N3,000 per transaction and up to N30,000 per day whilst U-Mo Gold is for customers with contact information and details. A U-Mo Gold customer is allowed to spend or pay up to N10,000 per transaction and up to N100,000.00 per day” he explained.