United Bank for Africa (UBA), Redtech and MoMo PSB have partnered to expand how Nigerians make and receive payments, allowing more customers to pay without using cash or cards.
UBA said this in a statement on Tuesday, May 5, explaining that under the new arrangement, MoMo PSB customers can now pay directly from their mobile wallets at UBA merchant locations using the “Pay with MoMo” option on RedPay POS terminals.
They can also visit UBA branches to withdraw or deposit money into their MoMo accounts.
It stated further that online merchants are able to accept payments from MoMo users through Redtech’s payment platform.
The bank noted that the partnership combines UBA’s wide merchant network, Redtech’s payment technology, and MoMo PSB’s mobile wallet system.
It said it is aimed at closing the gap between bank-based payment systems and mobile money services.
Speaking at the launch, UBA’s Head of Digital Banking, Kayode Olubiyi, said the move addresses challenges around cash and card usage.
“What this partnership represents is an honest and effective answer to the gap we identified in cash transactions and card access. Our merchants are already serving millions of customers every day through the UBA network.
“By bringing Pay with MoMo into that network, we are giving those merchants a direct connection to MoMo PSB’s customer base – and giving MoMo PSB customers more places to use their wallets when they shop. That is a clear win for both sides.”
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Redtech’s Chief Executive Officer, Emmanuel Ojo, said the goal is to make payments easier for everyday use.
“This partnership is about making payments work more seamlessly for everyday commerce and most importantly, it aligns with Africapitalism, as championed by the Chairman of Heirs Holdings, Tony Elumelu, CFR. By integrating our RedPay technology with MoMo PSB’s wallets through the UBA network, we will offer merchants and customers greater choice.
“Our goal is to build the payment infrastructure that ensures a merchant never has to turn away any customer in Nigeria or across Africa because of their preferred payment method. By connecting our technology with MoMo PSB’s wallets through the UBA network, we are giving merchants and customers more options.”
Acting CEO of MoMo PSB, Omolara Michael-Nwadu, said the partnership will help remove barriers and increase access for users and businesses.
“This partnership marks a significant step toward true interoperability in Nigeria’s payments ecosystem. By integrating MoMo wallets into UBA’s merchant network through Redtech’s infrastructure, we are removing barriers between bank-led and mobile money systems while unlocking access to over 55,000 merchant touchpoints.
“Our focus is on driving usage at scale, enabling more transactions, deeper engagement, and greater value for merchants. At MoMo PSB, we are building a more connected financial ecosystem where payments aren’t tied to platforms but to a seamless customer experience.
“At MoMo PSB, our focus is on simplifying payments, expanding access to financial services and helping more Nigerians do more every day. Pay with MoMo gives our customers more places to use their wallets, while supporting broader financial inclusion by bringing useful financial services closer to where people live, work and do business.”
UBA’s Group Head of Brands, Marketing and Corporate Communications, Alero Ladipo, said the partnership shows a strong commitment to financial inclusion.
“Every institution in this room is a giant in its own right. What makes today meaningful is the decision to come together anyway,” she said.
“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. This partnership is that commitment made concrete,” Ladipo added.
Similarly, the bank said the “Pay with MoMo” service is being rolled out through more than 55,000 RedPay POS terminals already in use across UBA’s network, hinting that the platform has processed over ₦278.47 billion in transactions and more than 12.23 million payments so far.
The service has started in Nigeria and will be expanded to other African countries where UBA and MoMo PSB operate, it added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X