UBA, Mastercard launch prepaid card to drive financial inclusion across Africa

Africa’s Global Bank, United Bank for Africa (UBA) Plc, in partnership with Mastercard, has unveiled a new prepaid card designed to expand digital payment access and accelerate financial inclusion across the continent.

The Mastercard prepaid card, launched at UBA’s headquarters in Lagos on Monday, is tailored for individuals without traditional bank accounts—particularly young adults, gig workers, and low-income earners. It allows users to load funds easily, transact locally and internationally, and manage spending with flexibility and enhanced security.

With more than 28.9 million Nigerian adults still unbanked, the prepaid card aims to close critical gaps in the financial ecosystem by providing a secure, globally accepted solution backed by Mastercard’s infrastructure.

Speaking at the launch, UBA’s Group Head of Retail & Digital Banking, Shamsideen Fashola, said the product reflects the bank’s commitment to making financial services more inclusive.

“This collaboration with Mastercard is yet another demonstration of our customer-first approach. We are committed to providing practical solutions that meet the everyday needs of Nigerians, and this card will make payments simpler, safer, and accessible to all,” Fashola stated.

Mastercard’s Country Manager for West Africa, Dr. Folasade Femi-Lawal, emphasized the company’s dedication to bridging financial divides.

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“At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions. Collaborating with UBA enables us to unlock endless possibilities by connecting individuals across all income levels, demographics, and social strata,” she said.

The prepaid card offers diverse use cases across different customer groups:

Unbanked individuals gain access to a reloadable allowance card, ensuring safe and convenient transactions.

Freelancers and gig workers benefit from flexible expense management tools

Everyday users can employ the card for budgeting and secure digital payments both at home and abroad.

The product is supported by Mastercard’s global payment network, ensuring seamless transactions and peace of mind for cardholders.

Officials from both institutions stressed that the collaboration seeks to pave the way for a more inclusive financial landscape in Africa, empowering underserved communities, fostering economic participation, and driving sustainable growth.

UBA, which serves over 45 million customers across 20 African countries and key global markets including the UK, US, France, and the UAE, has consistently positioned itself as a leader in financial innovation.

Mastercard, operating in over 200 countries and territories, continues to expand access to digital payments, aiming to create a sustainable and inclusive global economy.

Together, both institutions said the prepaid card represents a step toward breaking long-standing barriers to financial services and equipping Africans with the tools to participate confidently in the global digital economy.