Leading financial, United Bank for Africa (UBA) has stepped up assistance to Micro, Small and Medium Enterprises (MSMEs) by introducing its first merchant-focused app in Africa.
The new product is aimed at creating a SMART (secure, mobile, accessible, reliable, transparent) network of 100,000 micro merchants and driving financial inclusion.
Details from the bank said the Merchant App will include Masterpass QR, a mobile payment solution powered by MasterCard, and is immediately available for download to any feature or smart phone in the country.
It is a global understanding that MSMEs contribute significantly to the every economy but remain heavily dependent on cash to run their business; however, consumers are demanding safer and more convenient ways to pay.
But the new UBA App will ease access to mobile technology as the Masterpass QR Merchant App is set to change the payment landscape to the benefit of micro merchants across the country.
The announcement follows the Pan African commitment made by UBA and MasterCard in July 2016, to introduce safer and more convenient ways to pay for goods and services in Nigeria and across the continent.
UBA said Masterpass QR is being introduced across all UBA’s subsidiaries in the rest of Africa.
Nigeria has been selected as the first market to go live with the merchant app because of the country’s eagerness to adopt smart tech solutions.
UBA’s Group Head Consumer and Digital Banking, Dr. Yinka Adedeji said “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 banking public. UBA MasterCard QR Merchant App is another of such solution.”
According to the senior staff, UBA will be working with other MasterCard partners that are experts in their respective fields thereby further supporting the local industry.
He added that with UBA Masterpass QR Merchant App, business owners are able to receive instant notification of payments in real time, view their current banking statement and get insights about sales trends. These features will help merchants to plan their businesses better thereby enabling easier access to financial support. It also provides micro merchants the ability to offer value added services such as bill payments or airtime top-ups to their customers, thus enabling the merchants to expand their current business model and develop a SMART network of micro merchants that are moving beyond cash.
In her remarks, Vice President and Area Business Head for West Africa, MasterCard, Omokehinde Adebanjo said “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”.
“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.
