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United Bank for Africa (UBA), Redtech, and MoMo Payment Service Bank (MoMo PSB) have announced a strategic partnership aimed at expanding payment access and improving how Nigerians carry out everyday financial transactions. The collaboration focuses on connecting mobile money wallets with merchant networks to create a smoother, more inclusive payment ecosystem across the country.
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At the centre of this initiative is a new feature called “Pay with MoMo.” This service allows MoMo PSB customers to make cardless payments directly from their mobile wallets at UBA merchant locations. These transactions will run through Redtech’s RedPay Point-of-Sale (POS) terminals, making payments faster, easier, and more accessible.
In addition, the partnership allows customers to carry out deposits and withdrawals at UBA branches. Online merchants will also benefit, as they can now accept payments directly from MoMo wallets through Redtech’s payment gateway infrastructure. This integration brings together physical banking, digital wallets, and online commerce under one unified system.
Bridging a Long-Standing Gap in Nigeria’s Payment System
For years, Nigeria’s payment ecosystem has struggled with fragmentation. Many mobile wallet users often face limitations when trying to pay at physical stores or access wider merchant networks. This has reduced the practical use of mobile money in everyday transactions, despite its rapid growth.
However, this new partnership aims to change that reality.
By combining Redtech’s payment technology, UBA’s extensive merchant-acquiring network, and MoMo PSB’s growing mobile money ecosystem, the three institutions are addressing a key structural gap in the financial system. Together, they are working to ensure that mobile wallets become more usable and widely accepted in both online and offline commerce.
As a result, customers will no longer need to rely solely on cash or physical cards when making payments. Instead, they can use their mobile wallets seamlessly across multiple platforms.
Tackling Cash Dependence and Expanding Access
Speaking on the development, Kayode Olubiyi, Head of Digital Banking at UBA, explained that the initiative responds directly to long-standing challenges around cash dependence and limited access to payment cards.
According to him, the bank has identified a clear gap in how customers transact daily, especially in environments where cash remains dominant or card infrastructure is limited.
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. Kayode Olubiyi
In essence, UBA sees this collaboration as a way to strengthen its merchant ecosystem while also expanding payment choices for customers. By integrating mobile wallets into its network, the bank aims to reduce friction in everyday transactions and improve overall convenience.
Redtech Pushes for Unified Payment Infrastructure
For Redtech, the partnership represents a broader vision of building a unified payment infrastructure that works across different platforms, technologies, and customer preferences.
Emmanuel Ojo, Chief Executive Officer of Redtech, described the initiative as part of a larger effort to improve economic inclusion and simplify how payments work in Africa. He linked the vision to Tony Elumelu’s Africapitalism philosophy, which promotes private sector-led development and inclusive economic growth.
This partnership is about making payments work more seamlessly for everyday commerce. 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. Emmanuel Ojo
Furthermore, Redtech emphasized that interoperability sits at the heart of this project. By ensuring that different payment systems can communicate and work together, the company aims to remove long-standing barriers between banking platforms and mobile money services.
Unlocking True Interoperability in Nigeria’s Financial System
The collaboration also marks a major step toward achieving true interoperability within Nigeria’s payments ecosystem.
According to Redtech, integrating MoMo wallets into UBA’s merchant network helps eliminate the divide between traditional banking systems and mobile money platforms. This integration now unlocks access to more than 55,000 merchant touchpoints, significantly expanding where customers can pay using their mobile wallets.
In addition, the initiative is designed to increase transaction volumes, improve customer engagement, and broaden financial inclusion. By making payments simpler and more widely accepted, the system encourages more people to participate in the digital economy.
This level of integration also benefits merchants, who can now accept payments from a wider customer base without needing multiple payment systems or devices.
UBA Emphasizes Ecosystem Collaboration for Financial Inclusion
Also speaking on the partnership, Alero Ladipo, Group Head of Marketing and Corporate Communications at UBA, highlighted the importance of collaboration in achieving meaningful financial inclusion.
She stressed that financial inclusion goes beyond slogans and requires deliberate action, strong partnerships, and scalable infrastructure.
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. Alero Ladipo
Her statement reflects UBA’s broader strategy of working with fintech companies and digital platforms to expand access to financial services across Nigeria.
By building ecosystems rather than isolated systems, UBA aims to ensure that more people, especially the unbanked and underbanked, can access and use financial services with ease.
What This Means for Nigerian Consumers and Businesses
For everyday users, this partnership brings greater flexibility and convenience. Customers can now pay directly from their mobile wallets at thousands of merchant locations without needing physical cash or cards. This reduces friction in daily transactions and improves financial accessibility.
For small and medium-sized businesses, the impact is equally significant. Merchants can now accept payments from a wider range of customers, including those who rely solely on mobile money. This expansion increases sales opportunities and reduces the risk of losing customers due to payment limitations.
Additionally, online businesses benefit from improved payment processing capabilities through Redtech’s gateway infrastructure. This allows them to serve a more diverse customer base while maintaining seamless transaction flows.
Strengthening Nigeria’s Digital Economy
More broadly, the collaboration between UBA, Redtech, and MoMo PSB strengthens Nigeria’s digital economy by improving payment infrastructure and encouraging cashless transactions.
As mobile money adoption continues to grow, partnerships like this help bridge the gap between traditional banking systems and emerging fintech solutions. They also support Nigeria’s long-term goal of building a more inclusive, efficient, and technology-driven financial system.
By connecting wallets, banks, and merchants under a unified system, the initiative sets the stage for a more integrated and accessible financial future.
Conclusion
The partnership between UBA, Redtech, and MoMo PSB represents a major milestone in Nigeria’s financial technology landscape. Through the introduction of Pay with MoMo, the three institutions are not only expanding payment options but also addressing long-standing challenges in accessibility and interoperability.
Ultimately, this collaboration moves Nigeria closer to a truly connected payments ecosystem—one where customers can pay how they want, merchants can accept payments from anyone, and financial inclusion becomes a practical reality rather than just an aspiration.
