UBA, Redtech, and MoMo PSB Boost Merchant Payment Access in Nigeria

Expanding Payment Options for Nigerian Consumers

MoMo PSB customers now have more flexibility when making payments, thanks to a new partnership that allows them to use their MoMo wallets at participating UBA merchant locations. This development introduces the “Pay with MoMo” feature on RedPay POS terminals, enabling users to pay directly from their MoMo accounts. Additionally, customers can visit any UBA branch to make withdrawals and deposits into their MoMo accounts.

For online shoppers, e-commerce merchants can now receive payments directly from MoMo PSB customers through Redtech’s payment gateway infrastructure. This integration is a significant step forward in expanding the reach of mobile money services and improving the overall payment experience for consumers.

A Strategic Collaboration

The partnership between Redtech, UBA, and MoMo PSB brings together complementary strengths. Redtech contributes its payment technology and enablement capabilities, while UBA provides its merchant-acquiring and distribution layer. MoMo PSB, on the other hand, offers its mobile money wallet ecosystem and extensive customer base. This collaboration aims to bridge a critical gap in Nigeria’s payments market by connecting banking-led merchant acceptance with telco-led mobile money wallets.

Redtech holds licenses as a Payment Terminal Service Provider (PTSP) and Payment Solution Service Provider (PSSP) from the Central Bank of Nigeria, which authorizes it to provide both POS and payment gateway services. The combined efforts of the three organizations are focused on creating a more inclusive and seamless payment environment.

Benefits for Customers and Merchants

For MoMo PSB customers, the “Pay with MoMo” feature increases the number of places where their wallets can be used for everyday payments. This convenience is particularly beneficial for those who prefer mobile money over traditional banking methods.

Merchants also benefit from this partnership, as it opens access to a wider pool of customers and provides an additional payment option at the point of sale. By integrating mobile money into their payment systems, merchants can cater to a broader audience and reduce the reliance on cash transactions.

UBA’s Head of Digital Banking, Kayode Olubiyi, highlighted the significance of this partnership during its launch. He noted that it addresses the challenges associated with cash transactions and card access, offering a practical solution for both merchants and customers.

Aligning with Broader Goals

Redtech’s CEO, Emmanuel Ojo, emphasized that the partnership aligns with the principles of Africapitalism, championed by Tony Elumelu. By integrating RedPay technology with MoMo PSB’s wallets through the UBA network, the companies aim to offer greater choice to merchants and customers.

Omolara Michael-Nwadu, Ag. CEO of MoMo PSB, pointed out that the partnership represents a major step toward true interoperability in Nigeria’s payments ecosystem. She explained that integrating MoMo wallets into UBA’s merchant network through Redtech’s infrastructure will unlock additional merchant touchpoints.

This initiative is not just about expanding payment options; it’s also about driving financial inclusion. By simplifying payments and expanding access to financial services, MoMo PSB aims to help more Nigerians engage in economic activities.

A Commitment to Financial Inclusion

Alero Ladipo, UBA’s Group Head of Brands, Marketing and Corporate Communications, highlighted the broader significance of the partnership. She emphasized that financial inclusion is a core commitment for UBA, requiring scale, technology, and the willingness to build ecosystems rather than silos.

The “Pay with MoMo” feature is being introduced through RedPay POS terminals already deployed within UBA’s merchant network. With over 55,000 RedPay POS terminals across the network, the platform has processed more than ₦278.47 billion in transaction value and over 12.23 million transactions to date.

Future Expansion

Starting in Nigeria, the “Pay with MoMo” service is now live at participating UBA merchant locations. Plans are in place to extend the rollout to selected African markets where both MoMo PSB and UBA operate. This expansion reflects the potential for mobile money solutions to transform the payments landscape across the continent.