UBA, Redtech, MoMo PSB Boost Cardless Payments

A New Era of Payment Interoperability in Nigeria

United Bank for Africa (UBA), Redtech, and MoMo PSB have launched a groundbreaking payment interoperability partnership that is set to transform the way consumers and merchants conduct transactions across Nigeria. This collaboration is aimed at expanding card-less payment access, making financial services more accessible and efficient for millions of users.

Redtech, a company backed by Heirs Holdings, and MoMo PSB, the fintech subsidiary of MTN Nigeria, are now working together with UBA to bridge the gap between banking-led merchant acceptance and telco-led mobile money wallets. This partnership introduces a new feature called “Pay with MoMo,” which allows MoMo PSB customers to make payments directly from their MoMo wallets at participating UBA merchant locations using RedPay POS terminals.

Expanding Access for Consumers and Merchants

For MoMo PSB customers, this means they can now use their mobile money wallets at a wider range of locations. They can also visit any UBA branch to make withdrawals and deposits into their MoMo accounts. This integration not only simplifies the process for users but also gives merchants access to a broader customer base, providing them with an additional payment option at the point of sale.

Online shoppers will also benefit from this partnership. E-commerce merchants can now receive payments directly from MoMo PSB customers through Redtech’s payment gateway infrastructure. This development is expected to boost transaction volumes and enhance the overall shopping experience for users.

The Role of Each Partner

The success of this partnership lies in the combined strengths of the three organizations. Redtech brings its payment technology and enablement capabilities, while UBA contributes its merchant-acquiring and distribution layer. MoMo PSB, on the other hand, offers its mobile money wallet ecosystem and a large customer base.

Redtech holds essential licenses as a Payment Terminal Service Provider (PTSP) and Payment Solution Service Provider (PSSP) from the Central Bank of Nigeria, allowing it to provide both POS and payment gateway services. This regulatory compliance ensures that the partnership operates within a secure and reliable framework.

Addressing Key Challenges

This initiative addresses a critical gap in Nigeria’s payments market by connecting banking-led merchant acceptance with telco-led mobile money wallets. For many Nigerians, the lack of access to traditional banking services has been a barrier to financial inclusion. By integrating these systems, the partnership aims to create a more inclusive and seamless financial ecosystem.

Kayode Olubiyi, Head of Digital Banking at UBA, highlighted the significance of this partnership during the launch. He noted that it represents a practical solution to the challenges of cash transactions and limited card access. “By bringing Pay with MoMo into the UBA network, we are giving merchants a direct connection to MoMo PSB’s customer base and offering customers more places to use their wallets when they shop,” he said.

Emmanuel Ojo, CEO of Redtech, emphasized the importance of making payments work better together in everyday commerce. He added that the partnership aligns with the principles of Africapitalism, championed by Tony Elumelu, CFR. “Our goal is to build the payment infrastructure that ensures a merchant never has to turn away any customer because of their preferred payment method,” he said.

Omolara Michael-Nwadu, Ag. CEO of MoMo PSB, stressed the importance of partnerships in overcoming barriers to payment in the country. She explained that integrating MoMo wallets into UBA’s merchant network through Redtech’s infrastructure would unlock additional merchant touchpoints. “This partnership marks a significant step toward true interoperability in Nigeria’s payments ecosystem,” she said.

Alero Ladipo, Group Head of Brands, Marketing and Corporate Communications at UBA, captured the broader significance of the moment. “Financial inclusion is not a slogan to us at UBA. It is a commitment that requires scale, technology, and the willingness to build ecosystems rather than silos,” she said.

Expanding Reach Across Africa

Pay with MoMo is currently being introduced through RedPay POS terminals already deployed within UBA’s merchant network. Over 55,000 RedPay POS terminals have been deployed across the network, with the platform having processed over ₦278.47 billion in transaction value and more than 12.23 million transactions to date.

The partnership is initially focused on Nigeria, with plans to extend the rollout to selected African markets where both MoMo PSB and UBA operate. This expansion is expected to bring the benefits of interoperable payments to a larger audience, fostering greater financial inclusion and economic growth across the continent.