United Bank for Africa (UBA), MTN Nigeria's MoMo Payment Service Bank (MoMo PSB), and RedTech Limited have formalized a strategic partnership aimed at expanding access to digital payments. The collaboration targets millions of Nigerians who lack debit cards or reliable internet access.
Ecosystem Power
At the signing ceremony, Kayode Olubiyi, Group Head of Digital Banking at UBA, described the collaboration as a significant shift in the financial services ecosystem. He emphasized that the partnership combines the strengths of banking, fintech, and telecommunications to deliver innovation through the UBA RedPay solution. "Today we are seeing something great happening in our industry, what I call the ecosystem power. We are combining the strength of RedTech, MTN MoMo, and UBA to deliver innovation through the UBA RedPay solution," he stated.
How the Service Works
Olubiyi explained that the integration enables customers with funded MoMo wallets to transact directly on UBA RedPay point-of-sale (POS) terminals without internet connectivity or a bank card. "What we are doing now is making that capability available to anyone that has a MoMo wallet. With the RedPay POS, it communicates directly with the customer's phone number, which serves as the account. A flash message is sent instantly, the customer authorizes with a PIN, and the transaction is completed without the need for internet access," he said.
Security and Scalability
Emmanuel Ojo, Managing Director and CEO of RedTech Limited, noted that the partnership is built on a strong financial and operational framework designed to guarantee trust, security, and scalability. "From a financial standpoint, we are bringing together the risk infrastructure because all the parties involved are well regulated, which guarantees trust for the consumer. We are also combining the strengths of fintech and a global bank to deliver flexible solutions and secure transactions across markets," he mentioned.
Feature Phone Compatibility
Ojo explained that the solution enables users to carry out transactions even without data services or internet-enabled devices. Customers with MoMo wallets can visit any UBA or RedTech POS terminal and complete seamless transactions using feature phones. "What this offers the public is the ability to perform cardless transactions on POS terminals. For us, financial inclusion goes beyond opening an account. We want to form a habit and ensure that everyone has access to financial transactions. You don't need to have any data. Even with a basic phone, you can complete transactions," he added.
Shared Commitment
Omolara Michael Nwadu, CEO of MoMo PSB, said the partnership builds on an existing relationship between both institutions and reflects a shared commitment to deepen access to financial services. "If you want to go fast, go alone, but if you want to go far, go together. That is what we are doing today. This journey started from a long relationship between MoMo and UBA, and we are glad to see it come to fruition," she said.
Funding Requirements
Nwadu clarified that the service is designed specifically for MoMo wallet users, who must have funded accounts to carry out transactions. "Your MoMo account needs to be funded just like any other bank account. You can transfer from any bank, use USSD or apps, and with this partnership, you can also walk into a UBA branch to fund your wallet," she explained.
User Experience
Describing the process, Nwadu said users can initiate payments on supported terminals by providing their phone numbers, after which a prompt is sent to their phones for authorization. "Imagine you are at a supermarket and you realize you forgot your card or you do not have data. If you have a MoMo account and the POS is a RedPay terminal, you simply provide your phone number, receive a flash message, input your PIN, and the payment is completed," she said.
Reaching Underserved Communities
She added that the initiative is expected to extend financial services to underserved communities by leveraging agent networks and existing POS infrastructure, enabling access to payments and other basic services.
