Lagos - The United Bank for Africa (UBA) has partnered with local microfinance institutions to drive the adoption of prepaid cards.
The bank said the partnership aimed to capture the vast unbanked population of the country.
It is estimated that 70 percent of Nigeria’s 160 million population is unbanked.
Speaking at a partnership forum with some Microfinance banks in Lagos, Esaie Diei, Head Prepaid Card, UBA, said the bank's strategy in promoting prepaid card usage was to first align with other financial institutions that share similar vision.
He said the bank had introduced the Prepaid Card scheme in 19 African countries with at least 20 percent of the banking populations in such countries as Burkina Faso and Ivory Coast adopting the system.
Diei stated that the product had witnessed phenomenal growth within the short period of its introduction into Nigeria.
He said it was against this backdrop that the bank is embarking on a campaign to partner with those that could drive the Prepaid Card business with UBA.
“Our plan is to first extend this opportunity to our majors business partners in the financial industry to drive financial inclusion in Nigeria,” Diei added.
According to him, the states that would benefit from the partnership include Ogun, Kogi, Abuja, Kaduna, Kano, Enugu, Anambra, Delta, Edo and Rivers among others.
- CAJ News