UBA REVOLUTIONISES SMEs PAYMENT
The pan-African financial services institution, United Bank for Africa (UBA) is in partnership with MasterCard International. The UBA has released a revolutionary solution to one of the critical challenges being faced by small and medium scale enterprises (SMEs) and micro small businesses in Nigeria and across Africa. With the introduction of UBA MasterPass QR Bot, there will be faster and easier payment for goods and services provided by important economic groups. The bank, in a statement, said MasterPass QR Bot is part of UBA’s efforts targeted at supporting SMEs. This remains a critical catalyst for the overall development of the continent’s economies. It is also in line with the bank’s vision to create a sustainable and all-inclusive solution to the digital needs of businesses and individuals on the African continent.
In a statement
‘‘Specifically, this revolutionary solution developed by MasterCard International in partnership with Facebook will also enable small businesses in Nigeria and across Africa to receive digital payments from their customers. This will occur through scanning, using their Facebook account and, Master Pass ‘Quick Response’ (QR). More importantly, with the UBA’s MasterPass QR, small and medium scale enterprises (MSMEs) will enjoy zero cost of enrollment. This is because they do not have to pay to enroll, while transaction costs will remain at par with existing charges used at PoS.
‘‘Apart from assuring the freedom to shop across devices and channels, UBA’s MasterPass QR will revolutionise payment. Basically, it will help to democratize the payment process. Therefore, a key challenge that merchants currently face will be eliminated. Payment for goods and services beyond their current location will become easier. UBA Masterpass QR enables merchants, small and micro-merchants pay and receive payments for goods and services using phones. Even large corporates and governments get to benefit from this platform. It also allows payment collection by SMEs through Facebook Messenger. It will deliver unified and instant self-service across a range of interconnected payment solutions,’’ the statement read in part. Click here to continue reading.