MasterCard and United Bank for Africa (UBA) have signed a multi-country licensing agreement under which UBA will accept and issue MasterCard prepaid, debit and credit cards in 14 countries across sub-Saharan Africa.
Under the agreement, UBA will accept and issue MasterCard products in the following countries: Cameroon, Chad, Democratic Republic of Congo, Gabon, Ghana, Guinea (Conakry), Kenya, Liberia, Mozambique, Republic of Congo (Brazzaville), Sierra Leone, Tanzania, Uganda and Zambia.
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Before this agreement, UBA was licensed to issue MasterCard payment products in Nigeria.
Kennedy Uzoka, deputy managing director and CEO of UBA Africa, said: "This collaboration is a reflection of our vision, which is to be Africa’s bank of choice for the provision of innovative financial products and services.
"We understand the significance of partnerships, and what we have with a global player such as MasterCard, is an integral part of achieving our vision for Africa."
Daniel Monehin, division president, sub-Saharan Africa, MasterCard said: "MasterCard’s commitment to Africa means that we continue to work with various partners in the financial services sector to continually develop products that help consumers make the shift from the use of cash, to the adoption of electronic payments, which hold numerous benefits for them.
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By GlobalData"We are proud to partner UBA, whose growing footprint in sub-Saharan Africa, also means that the financially underserved will be brought into the financial services fold owing to the development of diverse and relevant products and services."
