Empowering African SMEs through Digital Innovation: UBA’s Upgraded POS and MONI App
United Bank for Africa (UBA), a leading pan-African financial institution, has unveiled significant upgrades to its Point of Sale (POS) terminal and UBA MONI App, demonstrating its commitment to empowering small and medium-scale enterprises (SMEs) and strengthening the digital payment ecosystem across Africa. Under the banner of "Innovation for Progress: Empowering SMEs, Connecting Communities, Simplifying Banking," these enhancements represent a crucial step towards providing cutting-edge financial solutions and bridging the gap between businesses and their customers.
The revamped POS terminal boasts an array of innovative features that streamline transactions for merchants and enhance customer trust. Instant settlement eliminates delays and provides merchants with immediate access to their funds, improving cash flow management and operational efficiency. Real-time monitoring allows merchants to track transactions as they occur, providing transparency and control over their business finances. The pay-by-link functionality expands payment options, allowing customers to complete transactions remotely, while the 100% transaction success rate ensures reliability and minimizes disruptions to business operations. The enhanced POS caters to businesses of all sizes, providing the speed and reliability demanded by today’s dynamic marketplace. This scalability ensures that whether it’s a small vendor or a larger retail outlet, UBA’s POS solution can seamlessly adapt to their needs.
Complementing the POS upgrade, the UBA MONI App, designed to bolster the bank’s agency banking network, has also received significant enhancements. The app now features instant settlement, mirroring the POS terminal’s functionality, which facilitates quicker transactions for both agents and customers. Pay-by-transfer options provide additional flexibility for customers who prefer to transfer funds directly from their bank accounts, while enhanced security features like secret questions further protect user data and transactions. A redesigned homepage and an improved inbox provide a more intuitive and user-friendly experience. These updates are in addition to the existing core features of the MONI App, including instant account opening using Bank Verification Number (BVN) or National Identification Number (NIN), real-time transfers, cash deposits and withdrawals, airtime/data purchase with agent discounts, and instant POS deployment, ensuring a comprehensive suite of financial services available at the fingertips of agents and their customers, particularly in underserved communities.
These upgrades highlight UBA’s dedication to delivering top-notch financial services and empowering businesses through technology. By providing seamless and secure payment solutions, UBA aims to support the growth and competitiveness of SMEs in a rapidly evolving economic landscape. The upgraded POS and MONI App are not just payment tools; they are strategic instruments that equip businesses with the resources needed to thrive in today’s digital age.
UBA’s proactive approach to innovation is driven by its understanding of the evolving needs of its customers. The bank recognizes the critical role of technology in facilitating financial inclusion and empowering businesses, especially in underserved communities. The enhanced POS and MONI App are testaments to UBA’s commitment to providing accessible and reliable financial solutions that cater to a diverse range of customers, from small vendors to larger enterprises. By leveraging its extensive network and robust infrastructure, UBA is bringing convenience and confidence to every transaction, fostering trust and transparency within the financial ecosystem.
Shamsideen Fashola, UBA’s Group Head, Retail and Digital Banking, emphasized the bank’s focus on continuous improvement and innovation to provide customers with an exceptional banking experience. He highlighted the significance of the upgraded platforms in empowering businesses and agency banking operations, providing them with the tools and resources needed to succeed. The next-generation POS, he noted, is not merely a payment device but a powerful tool that enhances competitiveness in a fast-paced economy.
The enhancements to the POS and MONI App demonstrate UBA’s proactive stance in driving financial inclusion and empowering SMEs across Africa. By continuously innovating and adapting its services to meet the evolving needs of its customers, UBA is solidifying its position as a leading financial institution committed to driving progress and transforming the digital payment landscape. These upgrades not only benefit businesses but also contribute to the overall economic development of the communities they serve, fostering a more inclusive and prosperous future for all stakeholders. The bank’s commitment to providing seamless, secure, and reliable financial solutions underscores its dedication to empowering businesses, connecting communities, and simplifying banking in Africa’s dynamic marketplace.
