The initiative, unveiled at UBA’s headquarters in Lagos, offers a card that does not require a traditional bank account, targeting individuals often excluded from the formal financial system such as young adults, gig workers, and low-income earners. The prepaid solution allows users to easily fund their accounts, transact locally and internationally, and track spending securely.
With Nigeria still recording over 28 million unbanked adults, financial institutions are increasingly turning to digital-first products to meet demand, particularly from youth and freelancers who prioritize convenience and flexibility.
UBA’s Group Head of Retail & Digital Banking, Shamsideen Fashola, said the new card is in line with the bank’s mission to deliver practical solutions tailored to customer needs.
“This collaboration with Mastercard is yet another demonstration of our customer-first approach. We are committed to ensuring every Nigerian is banked and empowered with seamless, secure payment options,” Fashola noted.
Echoing this, Mastercard’s Country Manager for West Africa, Dr. Folasade Femi-Lawal, said the partnership highlights the company’s long-term commitment to bridging financial gaps.
“At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions. Together with UBA, we are connecting individuals across all income levels and empowering them to confidently participate in the global economy,” she said.
The prepaid card offers diverse benefits depending on user profiles: freelancers and gig workers gain a reliable tool for managing irregular income, young people can use it as a budgeting instrument, and the unbanked can access a secure, reloadable allowance system. Being globally accepted, the card is supported by Mastercard’s infrastructure, ensuring users enjoy seamless and trustworthy transactions worldwide.
Industry observers note that the move comes amid growing competition among financial institutions to deliver inclusive products in Africa’s rapidly digitizing economy. Both UBA and Mastercard say the product is part of their broader commitment to building a more inclusive and sustainable financial future by breaking down barriers and enabling underserved communities.
UBA serves more than 45 million customers across 20 African countries and in key global financial centers, while Mastercard operates in over 200 countries and territories, supporting digital economies and inclusive growth initiatives.