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are provided with UBA Global Web Payment service
which allows the merchant’s customers pay for
goods and services on the internet from anywhere
in the world.
If merchants, however, chose the option of having
their customers come to the bank branches to make
payment, UBA provides Bank Collect and other
collectionplatforms tocollect customers’ information
and payment using cheque or their debit cards on
our in-branch PoSs, to ensure the merchants do not
receive cash but be paid electronically.
Payment and Expense Management
For businesses that pay salary to employees, the
most convenient product is the U-Pay, a web based
human resource, salary administration and payroll
solution. This particular product enables automated
salary processing and payment directly into
employees’ account in any bank. The key benefits
include the elimination of fraud of multiple salary
payments and payment to ghost workers even as
it reduces operational costs of human resources
administration and salary processing.
UBA PayManager
UBA PayManager is also a web-based payment
solution that enables electronic payment to any third
party (suppliers, customers and staff) with capability
to move money from accounts with any bank and
pay into accounts with any bank. Besides, payments
can also be made from USD, Euro and British Pounds
accounts to pay any customer in the world. In this
regard, it eliminates writing of cheques and gives
instant value to beneficiaries. PayManager is ideal
for corporates, medium enterprises, government
Ministries, Departments and Agencies (MDAs).
UBA Tax Manager
Recently, UBA Tax Manager that is designed to pay
taxes by businesses was just introduced to provide
convenience of remitting taxes for large, medium
and small businesses.
AfriCash
AfriCash is a secured electronic payment service
that allows money transfer across African countries
where UBA has a presence and can be collected
instantly at the receiving countries. Payout can be
made available in dollars and local currency of the
receiving country.
AfriTrade
On the other hand, AfriTrade is designed to give
customers convenience in payments to third party in
any part of the continent. Customers of AfriTrade are
required to apply for trade transaction at any UBA
business office with necessary documents while the
initiating UBA business office advises the benefiting
UBA location in the country of the beneficiary and
on receipt of transaction message, beneficiary is
notified immediately via phone/e-mail and official
written notification is sent within 24 hours enclosing
original copy of the transaction instrument where
applicable, and goods are shipped (or services
rendered) by beneficiary.
CONCLUSION
UBA, however, understands the immense prospects
of providing basic financial services through the
mobile phones to millions of Nigerians in urban and
rural communities. This has necessitated the roll-out
of its mobile money service targeted at over 90
million mobile phone users.
With majority of Nigeria’s adult population never
been banked, and a meagre 30 percent of the
adult population with a bank account, Mr. Phillips
Oduoza, Group Managing Director, UBA Plc argued
that it has become imperative for banks to seek ways
to foster financial inclusion and aid the unbanked.
At the launch of U-Mo last year, Oduoza said UBA Plc
created U-Mo in order to provide banking services
to unbanked Nigerians, adding that there are over
110 million connected telephone lines while only
25 million Nigerians have bank account, leaving a
major gap of about 55 million.
This category of people can also transfer money to
any mobile number, spend the money directly from
their mobile phones to pay for goods and services.
Moreover, the level of required documentation is so
low that the ‘mobile bank account’ can be opened
in merely five minutes.
U-Mo Mobile money is available to all mobile
subscribers irrespective of GSM service provider.
Thus, anyone with Glo, Etisalat, Airtel or MTN can
subscribe to U-Mo. Customer without bank accounts
and customers with accounts with any bank can
also open U-Mo account. U-Mo now makes banking
available for everyone, including traders, okada
riders, transporters, daily workers, etc.
Industry analysts observed that the UBA e-banking
products are meant to enhance the CBN ‘Cash-
lite’ banking initiative, provides convenience for
customers and reduce cost of banking operations
in the country.
Indeed, Nigerians do not need to have a bank
account before performing banking and other
financial services. Besides, people can store money
in their phones and use it to do business using their
cards. This is a major step towards realising the ‘cash-
lite’ initiative of the Central Bank of Nigeria.
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