Mastercard expands reach in sub-Saharan Africa

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MasterCard and United Bank for Africa (UBA) have completed a multi-country licensing project that will see the pan-African bank accept and issue MasterCard prepaid, debit and credit cards in 14 sub-Saharan countries.

Through the partnership, 14 of UBA’s 19 sub-Saharan subsidiaries will gain access to MasterCard payment solutions. MasterCard will leverage UBA’s fast growing footprint to enhance the adoption of cashless payments in a wider geographical region across Africa.

United Bank of Africa is now licensed to accept and issue MasterCard products in Cameroon, Chad, Democratic Republic of Congo, Gabon, Ghana, Guinea (Conakry), Kenya, Liberia, Mozambique, Republic of Congo (Brazzaville), Sierra Leone, Tanzania, Uganda and Zambia. Prior to the completion of the deal, United Bank for Africa was licensed to issue MasterCard payment products in Nigeria.

“This collaboration is a reflection of our vision, which is to be Africa’s bank of choice for the provision of innovative financial products and services,” said Kennedy Uzoka, deputy managing director and CEO of UBA Africa. “We understand the significance of partnerships, and what we have with a global player such as MasterCard, is an integral part of achieving our vision for Africa.”

The growth of Africa’s payments industry follows a combination of public and private investments in innovative solutions that will see the extension of financial inclusion to the unbanked and under-banked.

United Bank for Africa and its subsidiaries serve more than seven million customers with a network of over 700 business offices in Africa. The partnership with MasterCard will allow UBA customers to use MasterCard products on ATMs and point-of-sale terminals (POS) 14 African countries, as well as in the more than 210 countries and territories where MasterCard is accepted.

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