Nothing compares to achieving seamless payments at merchant locations using Point of Sale (PoS) and the new Moni App. The payment infrastructure, created by the United Bank for Africa (UBA), is making payment easy and boosting business output for merchant users. Many Small and Medium Enterprises (SMES) across several markets in the country have narrated their experiences in using the bank’s new PoS and Moni App at merchant locations, and all the feedbacks are that payments are received instantly, leaving customers satisfied with the bank’s e-payment operations, writes Assistant Editor COLLINS NWEZE.
The business environment is always filled with expectations from customers. They demand seamless services and when it is time to settle their obligations, they want the payment infrastructure to be smooth in performing that function.
For Aminatu Bashiru, a fabrics trader at Balogun Market in central Lagos, success of her business relies seriously on the efficiency of her bank’s payment infrastructure. She narrated how her business thrives with the support of new Point of Sale (PoS) and Moni App payment infrastructure deployed to her store by the United Bank for Africa (UBA Plc). Bashiru narrated how, over the years, she witnessed shifts in Nigeria’s financial landscape, where new players introduce products and services, middlemen promise quick fixes, but only a few deliver on their promises to customers.
One of the banks that have consistently delivered on its promises to customers is UBA Plc. She narrated how her partnership with the bank has helped her business to grow. “UBA has continued to deliver cutting-edge technology, such as its newly introduced instant settlement feature on its PoS and revamped UBA Moni App. Both payment tools ensure speed and security, helping customers to settle their obligations effortlessly,” she said.
According to UBA led by its Group MA, its payment solution has evolved into a vibrant hub for smooth digital transactions, now featuring a redesigned PoS terminal and an upgraded UBA MONI App. The enhanced PoS terminal offers exceptional performance, providing merchants with instant settlement, real-time tracking, pay-by-link options and a 100 per cent transaction success rate, enhancing speed, transparency and reliability for businesses of all sizes.
On the other hand, the improved UBA MONI App enhances UBA’s agency banking services with new capabilities, including instant settlement, transfer-based payments, secret question verification and a user-friendly design.
It also retains key features such as quick account creation, real-time money transfers, cash deposits and withdrawals, as well as discounted airtime and data. Together, these upgrades ensure a faster, more secure and smoother experience for merchants, agents and customers alike.
UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, emphasises the transformative impact of these new improvements and upgrades on SME. “The newly introduced real-time settlement provides the much-needed lifeline for businesses. By ensuring immediate access to funds, we’re empowering merchants to operate with confidence, reinvest quickly and focus on growth rather than worrying about cash flow delays. This is how we drive financial inclusion and strengthen Nigeria’s digital economy,” he said.
This is particularly critical for small businesses operating on thin margins, where cash flow delays can disrupt restocking and payroll. With the elimination of settlement lag, UBA has improved convenience and trust, which is a major barrier to digital payment adoption in Nigeria and Africa.
Fashola adds: “Our goal is to make digital payments smooth and reliable for every merchant, from market stalls to large retailers. When businesses thrive, the entire economy benefits and UBA is proud to lead that change and charge.”
More so, trust is the cornerstone of UBA’s strategy. While fintech startups often struggle with credibility among older merchants and even younger ones, UBA leverages its over seven-decade reputation to reassure wary traders. “I don’t trust these new apps, but I know UBA. Immediately, I was informed about their new PoS and Moni app, I had to get it real quick. Their new PoS don’t fail, and their agents are always available to help; they are like children and family to me,” Aminatu said.
This trust is further enhanced by real-time transaction monitoring, providing merchants with full visibility over payments. Unlike opaque third-party platforms, UBA’s system provides instant notifications and failsafe reconciliations, which are crucial for businesses keeping daily ledgers.
Fashola explains further: “Trust isn’t built overnight as it is earned through consistency, reliability, and transparency. UBA’s long-standing presence in Nigeria means merchants see us as more than a service provider, but as a partner they can depend on.
“For many SMEs, especially in traditional markets, trust is just as important as functionality. That’s why we combine cutting-edge technology with the human touch, agents on the ground, responsive customer service, and complete transparency in every transaction. When a merchant knows their funds are secure and their issues will be resolved, they’re far more likely to embrace digital payments fully.”
Recognising that not everyone carries a bank card, UBA’s Moni App has introduced a new pay-by-transfer feature, enabling customers to easily make payments directly from their mobile banking apps. This move aligns with UBA Moni’s goal to bring more people, especially the financially excluded, into the banking system by working with local agents who understand and speak the language of their communities.
“Many of my customers don’t own physical cards,” Chinedu Okeke, a UBA Moni agent, said, adding that “they just show me their transfer confirmation and I get the alert instantly. It’s fast, secure, and there are no more arguments about whether payment was made.”
Fashola, UBA’s Head of Digital Banking, added that “financial inclusion is about meeting customers where they are. While cards are still relevant, we know that millions of Nigerians prefer to transfer directly from their bank accounts. With UBA Moni’s pay-by-transfer option, we’re streamlining the payment process while still delivering the trusted security UBA is known for.”
Hidden charges and unclear pricing have long been a major pain point for merchants and small businesses. Many traders have complained about unexpected deductions and fluctuating charges from payment providers, which cut into already tight profit margins.
UBA tackles this challenge head-on with clear, upfront pricing and zero hidden charges. Merchants know exactly which fee applies to each transaction type, whether it is card payments, transfers, or other methods.
“We believe fairness is non-negotiable in digital payments. Our merchants deserve to know exactly what a transaction costs, no fine print, no last-minute surprises. This is how we empower businesses to grow sustainably,” Fashola added.
Protecting customers against fraud
The UBA has continued to protect its customers against fraud. According to the bank, fraud remains a top concern for Nigerian merchants.
UBA’s upgraded terminals integrate advanced encryption and multi-factor authentication, while the MONI App adds secret question verification for high-value transactions.
The bank has been at the forefront of combating fraud in Nigeria’s banking sector, thanks to its significant investments in security and its transparent approach to tackling the menace. The bank continually upgrades its services with advanced features designed to help merchants mitigate fraud, particularly incidents stemming from fake alerts and poor network connectivity.
A Lagos-based UBA customer, Chinedu Okeke, said: “With UBA’s new security features, I can verify every transaction before the customer leaves my shop.”
According to him, a system also flags suspicious activity in real-time, a critical safeguard in a market where chargeback scams cost businesses billions annually.
“UBA’s newly upgraded PoS and MONI App is designed to offer solutions to the core issues that merchants contend with daily, such as instant settlements that eliminate cash flow stagnation or robust security features that combat fraud. UBA is at the forefront of establishing new benchmarks for dependability in digital payments.
“With a blend of cutting-edge technology and a reputation spanning decades of being reliable and dependable, UBA is filling the gap between conventional banking and contemporary fintech to make it possible for even the most cautious merchants to adopt digital payments with ease,” he said.
In a chat with reporters in Abuja, the Group Managing Director/CEO of UBA Plc, Oliver Alawuba said financial accessibility is an important factor for Nigeria to achieve $1 trillion economy target set by the Federal Government.
He said: “We can’t get it right when the majority of our people are not in the financial system. We can’t operate at full capacity. So, financial inclusivity must be driven to the extent that we are bringing everyone, every bankable citizen, into the financial system.”
Alawuba further explained that Nigeria’s transformation depends on how effectively the financial sector mobilises capital, supports infrastructure, treats the real sector and invests in digital innovation because strong economies are built on the foundation of strong banks.
CBN on payment modes in Nigeria
According to the Central Bank of Nigeria (CBN), as of June 30, 2024, the payment landscape in Nigeria has undergone significant changes.
This was revealed by CBN Governor, Olayemi Cardoso. While cash remains relevant, the adoption of non-cash payment channels has surged.
Electronic transactions, facilitated by platforms such as the NIBSS Instant Payment (NIP) have become increasingly popular. Nigerians now prefer digital methods for making payments, reflecting a shift away from traditional cash-based transactions.
Available data on non-cash retail payment channels at the end of June 2024 indicated that Internet (Web) Transfer remained the most patronised channel, accounting for 51.91 per cent of the total e-payment transactions, while NEFT was the least, with 0.20 per cent. A detailed breakdown of some of the e-payment channels is as follows:
The apex bank said cash has historically been the most prevalent form of payment in Nigeria. However, the landscape has evolved. In 2011, the CBN introduced the cashless policy. The goal was not to eliminate cash but to reduce its circulation in the economy. The policy encourages more electronic-based transactions, including payments for goods, services, and electronic transfers.
The volume and value of NIP rose to 5,626,762,540.00 and N476.89 trillion in the first half of 2024, up from 4,848,535,512 and N343.94 trillion in the second half of 2023, respectively, indicating increases of 16 per cent and 39 per cent.
This significant growth in the use of the channel was attributed to the cash scarcity experienced in March 2023, which compelled many Nigerians to switch to electronic channels for their transactions. Additionally, the Central Bank of Nigeria’s revised cashless policy, which further limited the amount of cash that could be withdrawn from banks, played a crucial role in promoting the growth of e-payments.
The number of PoS terminals deployed stood at 2,935,765 in the first half of 2024, representing a 20 per cent increase from 2,448,805 in the second half of 2023.
Furthermore, the volume and value of payments via PoS terminals rose to 6,395,670,571 and N85.914 trillion by the end of the first half of 2024, up from 4,974,979,119 and N61.902 trillion in the second half of 2023, representing increases of 29 per cent and 39 per cent in volume and value, respectively.
This growth can be attributed to the shift towards cashless transactions, as the Nigerian populace increasingly embraces digital payment methods over traditional cash transactions. The convenience and speed offered by PoS terminals have made them a preferred choice for everyday purchases, including groceries, utilities and services.
