United Bank for Africa (UBA) Reinforces Digital Payment Landscape with Upgraded POS Terminal and UBA MONI App
United Bank for Africa (UBA), a leading pan-African financial institution, has taken significant strides in strengthening the digital payment ecosystem by unveiling an upgraded Point of Sale (POS) terminal and a revamped UBA MONI App. These advancements are part of UBA’s overarching commitment to driving innovation and empowering small and medium-sized enterprises (SMEs) across Africa. The enhanced platforms are seamlessly aligned with the bank’s strategic campaign themed "Innovation for Progress: Empowering SMEs, Connecting Communities, Simplifying Banking."
The upgraded POS terminal boasts a suite of cutting-edge features specifically designed to enhance efficiency, foster transparency, and build trust among merchants. These functionalities include instant settlement capabilities, which ensure prompt and reliable payment processing for businesses. Real-time monitoring empowers merchants with up-to-the-minute insights into their transactions, facilitating improved financial management and control. The incorporation of pay-by-link functionality expands payment options for customers and simplifies the transaction process. Moreover, the upgraded POS terminal guarantees a 100% transaction success rate, minimizing disruptions and ensuring seamless business operations.
The revamped UBA MONI App, a cornerstone of UBA’s agency banking network, has also undergone significant enhancements to further empower agents and customers alike. The app now incorporates instant settlement for agents, enabling them to access funds promptly and efficiently manage their liquidity. Pay-by-transfer options provide customers with added flexibility and convenience in conducting transactions. Enhanced security measures, including secret question authentication, bolster the app’s security framework and protect user data. A redesigned homepage and an enhanced inbox further optimize the user experience, providing a more intuitive and streamlined interface.
These upgrades build upon the UBA MONI App’s core functionalities, which include instant account opening with Bank Verification Number (BVN) or National Identification Number (NIN) integration, facilitating seamless onboarding for new customers. Real-time transfers, cash deposits and withdrawals, and airtime/data purchases with agent discounts remain central features of the app, providing essential financial services to a broad customer base. The instant POS deployment capability further strengthens the app’s value proposition for agents, empowering them to expand their service offerings and cater to the evolving needs of their communities.
According to Shamsideen Fashola, UBA’s Group Head of Retail and Digital Banking, the bank’s commitment to innovation is driven by a desire to provide customers with exceptional experiences. He emphasized that UBA consistently seeks innovative approaches to enhance its services and offerings, ensuring customers have access to cutting-edge financial solutions. Fashola highlighted that the new UBA POS and MONI App are designed to empower businesses and agents with instant settlements, real-time transaction tracking, and unparalleled reliability, enabling them to focus on growth and expansion with a trusted financial partner.
Fashola further underscored the transformative potential of the upgraded POS, describing it as a powerful tool that equips businesses to thrive in a dynamic economic landscape. He emphasized UBA’s extensive reach and robust infrastructure, highlighting their role in delivering convenience and confidence to every transaction. Regarding the upgraded MONI App, Fashola emphasized its role in empowering agents, particularly those serving underserved communities. The enhanced features provide agents with faster tools, greater transparency, and an improved user experience, enabling them to expand their businesses while extending essential financial services to millions of customers.
UBA’s strategic focus on continuous innovation underscores its commitment to driving financial inclusion and empowering businesses across Africa. By providing cutting-edge digital payment solutions, UBA is fostering economic growth, facilitating access to financial services, and transforming the financial landscape for individuals and businesses alike. The upgraded POS terminal and UBA MONI App represent significant milestones in UBA’s ongoing journey to provide innovative and impactful financial solutions that empower communities and drive progress across the continent. The upgraded platforms not only enhance the ease of transactions but also contribute to the broader goal of digital financial inclusion, reaching underserved populations and empowering them to participate more fully in the formal economy. This commitment to innovation underscores UBA’s role as a catalyst for economic development and financial empowerment across Africa. By investing in and deploying cutting-edge technology, UBA is shaping the future of finance and fostering a more inclusive and prosperous future for all.
