UBA, Mastercard launch Prepaid Card to Promote Financial Inclusion

Africa’s Global Bank, United Bank for Africa (UBA) Plc, in collaboration with Mastercard, Tuesday announced the launch of the Mastercard prepaid card to further accelerate financial inclusion and expand access to digital payment solutions across Africa.

The card, which does not require a traditional bank account, is designed to serve individuals who have historically lacked access to formal financial services, particularly young adults, gig workers, and low-income earners. It enables users to top up funds easily, transact both locally and internationally, and manage spending with flexibility and security.

With more than 28.9 million adults in Nigeria remaining unbanked, and digital-first tools increasingly demanded by youth and freelancers, the prepaid card directly addresses pressing gaps in the financial ecosystem.

Mastercard’s Country Manager, West Africa, Dr Folasade Femi-Lawal and Group Head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, during the the launch of the Mastercard Prepaid Card to further accelerate financial inclusion and expand access to digital payment solutions across Africa, held at the Bank’s headquarters in Lagos on Monday

Group Head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, who noted this is a demonstration of the bank’s customer-first approach, stated that the bank is committed to ensuring that every Nigerian is banked and gets the best service.

“This collaboration with Mastercard is yet another demonstration of our customer-first approach. We are committed to providing practical solutions that meet the everyday needs of Nigerians, and this card will make payments simpler, safer, and accessible to all”

Mastercard’s Country Manager, West Africa, Dr Folasade Femi-Lawal, said: “At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions that serve both banked and unbanked Nigerians. Collaborating with UBA enables us to unlock endless possibilities by connecting individuals across all income levels, demographics, and social strata. Together, we are empowering Nigerians with the tools they need to confidently participate in the global economy and shape a more inclusive digital future.”

The prepaid card offers distinct benefits for different user groups. Cardholders can use it as a convenient budgeting tool; freelancers and gig workers gain a flexible expense solution; and the unbanked are empowered through a secure, reloadable allowance card. The product is globally accepted and supported by Mastercard’s trusted infrastructure, providing users with peace of mind and seamless digital payment experiences.

This collaboration aims to pave the way for a more inclusive and sustainable financial future in Africa, by striving to break down long-standing barriers, enable underserved communities, and advance economic growth.

United Bank for Africa (UBA) Plc is a leading pan-African financial institution, offering banking services to more than 45 million customers across 20 African countries, as well as in the United Kingdom, the United States, France, and the United Arab Emirates. With a strong focus on innovation, financial inclusion, and customer service, UBA provides retail, commercial, and institutional banking solutions, empowering individuals, businesses, and governments through cutting-edge digital platforms and inclusive financial products.

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com

Access Holdings Director Roosevelt Ogbonna Resigns From Board, Remains Access Bank MD

Access Holdings Plc has announced the resignation of Mr. Roosevelt Ogbonna, a Non-Executive Director, from its Board after three and a half years of dedicated service. The announcement was made in a statement released on Tuesday and signed by the Company Secretary, Sunday Ekwochi.

According to the statement, Mr. Ogbonna will continue in his role as the Managing Director and Chief Executive Officer of Access Bank Plc, the Group’s flagship banking subsidiary. The company explained that his resignation became necessary to ensure compliance with the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies (2023), which limit the number of directors on a financial holding company’s board to nine.

“The board appreciates Mr. Ogbonna for his outstanding and continued contributions to the Access Group,” the statement read.

Mr. Ogbonna was appointed Managing Director and Chief Executive Officer of Access Bank Plc in May 2022, after serving as Deputy Managing Director from 2017 and Executive Director from 2013. He joined Access Bank in 2002 from Guaranty Trust Bank and has over two decades of experience in the banking sector.

A Fellow of the Institute of Chartered Accountants of Nigeria (FCA), an Honorary Member of the Chartered Institute of Bankers (HCIB), and a CFA charter holder, Mr. Ogbonna holds an MBA from IMD Business School in Switzerland, an LL.M in International Corporate & Commercial Law from King’s College London, and an Executive MBA from Cheung Kong Graduate School of Business. He also earned a B.Sc. in Banking and Finance from the University of Nigeria, Nsukka, and completed the Senior Executive Fellow programme at Harvard Kennedy School of Government.

In 2015, he was recognised by the Institute of International Finance as one of its Future Global Leaders. Beyond his role as CEO, Mr. Ogbonna sits on the boards of Access Bank’s subsidiaries in the UK and South Africa and represents the bank on the boards of the Africa Finance Corporation and CSCS Plc.

As of August 2025, the Board of Access Holdings Plc is chaired by Aigboje Aig-Imoukhuede, with Bolaji Olaitan Agbede serving as Acting Group CEO, and Lanre Bamisebi as Executive Director. The independent non-executive directors include

Abubakar Aribidesi Jimoh, Fatimah Bintah Bello-Ismail, and Ibironke Adeyemi, while other members are Ojinika Nkechinyelu Olaghere and Olusegun Babalola Ogbonnewo.

Mr. Ogbonna’s resignation, as confirmed in the statement, reflects Access Holdings’ commitment to regulatory compliance while he continues to lead Access Bank Plc’s growth and strategic direction.

About Access Holdings

Access Holdings Plc (“the Company”) is a non-operating financial holding company licensed and regulated by the Central Bank of Nigeria (CBN) and headquartered in Lagos, Nigeria. The Company was established in 2022 following the regulatory, judicial, and shareholders’ approvals of the Scheme of Arrangement between Access Bank Plc and holders of its fully paid-up ordinary shares. The Company serves its various markets through five subsidiaries across the banking, payment, pension administration, and insurance sectors. The Company’s operating subsidiaries are Access Bank Plc, Hydrogen Payment Services Company Limited, Access ARM Pensions Limited, Access Insurance Brokers Limited, and Oxygen X Finance Company Limited.

Access Bank Plc serves its various markets through three business segments- Corporate and Investment, Commercial, and Retail. The Bank has enjoyed what is Africa’s most successful banking growth trajectory in the last twenty-two years. Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and Nigeria’s largest bank by total assets. It operates through a network of more than 700 branches and service outlets, spanning three continents, over 20 countries, and serving over 60 million customers.

Hydrogen Payment Services Company Limited, the payment company, leverages the strong suite of the Bank’s existing assets and customer base, creating a super fintech that will be Africa’s most powerful business services network. Hydrog, being a company of African heritage, has a clear understanding of the unique payment challenges across the continent and is positioned to address these challenges with its offerings. Its range of products and services, such as InstantPay, Payment gateway, POS services, and Card and Switch processing, is gaining traction in the marketplace and addressing the unique needs of customers.

Access ARM Pensions Limited [formerly Access Pensions Limited] is one of Nigeria’s largest Pension Fund Administrators (‘PFA’) by customer base and Assets Under Management, with nearly ₦3 trillion in assets under management and serving over 2 million Retirement Savings Account holders.

Access ARM Pensions Limited is the product of several separate entities. The erstwhile Access Pensions Limited first became a subsidiary of Access Holdings following the acquisitions of the former First Guarantee Pension Limited and Sigma Pensions Limited and their later merger. Subsequently, Access Pensions Limited merged with ARM Pensions Managers [PFA] Limited to form Access ARM Pensions

Limited. As one of Nigeria’s leading PFAs, Access ARM Pensions Limited is leveraging key relationships and the growing ecosystem of Access Group across Africa to unlock greater opportunities for customers.

Access Insurance Brokers Limited is a company licensed by the National Insurance Commission that provides intelligent solutions that mitigate the unique risks faced by individuals and businesses in an ever-changing world using leading risk management tools and governance standards.

Oxygen X Finance Company Limited is a digital-first consumer lending business built to anchor digital lending for Access Group, deliver superior value to customers, drive an enhanced value proposition, and maximize value accretion.

Oxygen X is positioned to be a dominant digital-first player in the Nigerian consumer lending space, leveraging connectivity with Access Bank and other subsidiaries while building a dynamic ecosystem.

Access Holdings Plc strives to invest in businesses that are committed to sustainable practices and have a positive impact on the environment.

Alpha Morgan Bank Expands Footprint with Three New Branches

Alpha Morgan Bank announced the opening of three new branches in Maitama Abuja, Garki Abuja and Olu Obasanjo Road, Port Harcourt, a strategic move that reinforces the bank’s commitment to expanding access to satisfying banking services across Nigeria.

With headquarters in Wuse 2, Abuja, and kickstart with over 14 branches nationwide, the bank’s expansion is expected to create several opportunities, supporting employment opportunities, stimulating small business growth and development initiatives through strategic partnerships and outreach.

“This growth is about deepening our connection to the communities we serve,” said Mr. Ade Buraimo, Managing Director/CEO of Alpha Morgan Bank. “We are not just opening doors; we are opening opportunities.”

The bank also offers tailored banking solutions, through its digital and *734# USSD banking. Alpha Morgan Bank is ensuring that individuals and businesses, regardless of background or digital literacy, can participate fully in the financial ecosystem.

Alpha Morgan Bank’s growth is anchored in a bold commitment to delivering satisfying banking to customers.
As the new branches open their doors, the Bank invites individuals, entrepreneurs, and corporate clients to walk in and experience its approach to Satisfying Banking.