United Bank for Africa (UBA) has introduced a prepaid card in Nigeria in an attempt to reach out to the country’s 70% unbanked population.
UBA has partnered with several microfinanciers in the country for the launch of prepaid cards and has already launched cards in 19 African countries including Core D’Ivoire, Kenya, Cameroon and Lagos.
Esaie Diei, head of prepaid cards at UBA, said: "Our plan is to first extend this opportunity to our majors business partners in the financial industry to drive financial inclusion in Nigeria."
It is estimated that up to 70% of Nigeria’s population, a staggering 112m out of 160m, are unbanked, representing a massive and as yet untapped potential for the prepaid cards market.
Yinka Adedeji, head of e-banking at UBA, advocated following the Central Bank of Nigeria’s policy on financial policies, in particular the drive to reduce cash payments in the country.
He said: "We have to encourage customers to embrace cashless dispensation."