E-Financial
UBA, Redtech, MoMo PSB Expand Merchant Payment Access Across Nigeria
United Bank for Africa (UBA), Redtech, and MoMo PSB have launched a payment interoperability partnership that expands cardless payment access for consumers and merchants across Nigeria. Redtech is backed by Heirs Holdings; MoMo PSB is MTN Nigeria’s fintech subsidiary.
L-r: Manager, Partnership & Ecosystem, MTN/MoMo PSB, Emmanuel Akhigbe; Head Human Resource,MTN/MoMo PSB , Rabi Adetoro; Managing Director/ CEO, Redtech Limited, Emmanuel Ojo; Chief Executive Officer, MTN MoMo, Omolara Michael Nwadu; Group Head, Digital Banking, United Bank for Africa(UBA), Olukayode Olubiyi; Head of Sales, MTN/MoMo PSB, Lanre Raheem; Head, Business Development,MTN/MoMo PSB, Ahmad Turajo; and Group Head, Marketing and Corporate Communications, UBA, Alero Ladipo, during the launch of payment interoperability partnership targeted at expanding cardless payment access for consumers and merchants across Nigeria and Africa, powered by Redtech, MoMo PSB and UBA at the UBA House Marina on Tuesday
With this development, MoMo PSB customers can now make payments directly from their MoMo wallets at participating UBA merchant locations using the “Pay with MoMo” feature on RedPay POS terminals; they can also visit any UBA branch to make withdrawals and deposits from and into their MoMo accounts. For online shoppers, e-commerce merchants can now receive payments directly from MoMo PSB customers through Redtech’s payment gateway infrastructure.
The partnership brings together Redtech’s payment technology and enablement capabilities, UBA’s merchant-acquiring and distribution layer, and MoMo PSB’s mobile money wallet ecosystem and customer base. Redtech holds licences as a Payment Terminal Service Provider (PTSP) and Payment Solution Service Provider (PSSP) from the Central Bank of Nigeria, authorising it to provide both POS and payment gateway services. Together, the three organisations are addressing a critical gap in Nigeria’s payments market – connecting banking-led merchant acceptance with telco-led mobile money wallets.
For MoMo PSB customers, Pay with MoMo increases the number of places where their wallets can be used for everyday payments. In the case of merchants, it opens access to a wider pool of customers and provides an additional payment option at the point of sale.
UBA’s Head, Digital Banking, Kayode Olubiyi, who spoke during the launch, noted that this partnership represents the solution to the gap identified in cash transactions and card access.
“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.”
Redtech’s Chief Executive Officer, Emmanuel Ojo, emphasised that the partnership aims to make payments work better together in a way that is practical for everyday commerce.
“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”
Ag. CEO, MoMo PSB, Omolara Michael-Nwadu, who highlighted the barriers to payment in the country, emphasised the importance of partnerships, explaining how integrating MoMo wallets into UBA’s merchant network through Redtech’s infrastructure will unlock additional merchant touchpoints.
“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, Brands, Marketing and Corporate Communications, Alero Ladipo, captured the broader significance of the moment at the signing ceremony. “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. Ladipo added, “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.”
Pay with MoMo is being introduced through RedPay POS terminals already deployed within UBA’s merchant network. More than 55,000 RedPay POS terminals have been deployed across the network, with the platform having processed over ₦278.47 billion in transaction value and more than 12.23 million transactions to date.
Starting in Nigeria, Pay with MoMo is now live at participating UBA merchant locations, with plans to extend the rollout to selected African markets where both MoMo PSB and UBA operate.
Cybercriminals have developed a new Android malware that can turn victims smartphones into a bridge for stealing bank card information and carrying out contactless payment fraud, cybersecurity researchers have warned.
The malware, identified as WindRelay, operates in conjunction with a known remote-access trojan, SpyNote, to capture live information exchanged between a physical bank card and an Android phone via Near Field Communication (NFC).
NFC is the short-range technology that enables contactless payments when a bank card or smartphone is tapped against a payment terminal.
According to cybersecurity firm Group-IB, WindRelay was detected in the wild in August 2025 and has been used in a social-engineering scheme targeting victims in Czechia, Slovakia and Slovenia.
Meanwhile, the fraud begins with a phone call, text message or other communication in which criminals pretend to be bank officials.
The victim is persuaded to install an application, often personalised with the victim’s name, and once installed, SpyNote gives the criminal remote access to the phone and can silently install WindRelay, with the victim then tricked into placing a physical bank card against the infected smartphone, supposedly for identity verification, PIN change, or account resolution.
WindRelay reads the card’s NFC signals and sends the information in real time to another device controlled by the criminal, with such a device then imitating the victim’s card at a payment terminal or ATM, as the victim’s smartphone becomes a wireless bridge between the victim’s bank card and the criminal’s device.
Group-IB said it identified 23 WindRelay samples uploaded to VirusTotal between November 2025 and July 2026, with the malware samples impersonating financial institutions in Czechia, Slovakia and Slovenia.
Meanwhile, the development adds to existing concerns over the use of mobile devices in cybercrime and financial fraud in Nigeria.
In June, the Nigeria Computer Emergency Response Team (ngCERT) issued an advisory on IPIDEA malware and malicious residential proxy networks, warning that the malware could hijack consumers internet connections and use compromised devices as part of criminal proxy networks.
While the ngCERT advisory concerns a different malware and attack method, both incidents highlight a growing risk: ordinary smartphones and connected devices can be secretly turned into tools for cybercriminals.
This is particularly relevant as Nigerians increasingly rely on smartphones for mobile banking, digital payments and other financial services.
Consequently, cybersecurity experts have advised users not to install applications sent through unsolicited calls, text messages or links, especially when the sender claims to represent a bank, as users should also be suspicious of requests to place payment cards against smartphones for supposed account verification.
The Securities and Exchange Commission (SEC) has cleared additional Virtual Asset Service Providers (VASPs) for admission into its Accelerated Regulatory Incubation Programme (ARIP).
Among the newly cleared is BC Access Nigeria Limited (Blockchain), marking an important step in the company’s long-term commitment to Nigeria and its broader expansion across Africa.
Nigeria is one of Africa’s most important digital asset markets, where crypto increasingly plays a practical role in how people access, hold and move.
Value Admission into ARIP means Blockchain has satisfied the SEC’s initial requirements to participate in the programme and is authorised to operate within its defined sandbox scope, subject to the Commission’s ongoing compliance obligations, testing parameters, and regulatory conditions.
Through ARIP, Blockchain can work directly with the SEC as the Commission evaluates digital asset business models, tests. appropriate safeguards and develops its long-term regulatory framework for the market.
Speaking, General Manager for Africa, Blockchain, Owen Odia, said: “Nigeria is one of Africa’s most important digital asset markets and participating in the SEC’s ARIP is an important step forward in our long-term commitment to the country.
“The programme gives us the opportunity to work directly with the SEC in a controlled environment, bring our global experience to the Nigerian market and help support a framework that protects consumers while enabling responsible innovation. We appreciate the SEC’s proactive approach and look forward to contributing to a safe, transparent and well-regulated digital asset ecosystem.”
Blockchain’s participation in ARIP forms part of a broader global strategy to engage constructively with regulators and build within established regulatory frameworks.
Over the past year, Blockchain has secured several formal licenses and registrations globally, including the UK Financial Conduct Authority (FCA), EU Markets in Crypto-Assets (MiCA), and Cayman Islands Monetary Authority (CIMA) Virtual Asset Service Provider (VASP) License. Participating in Nigeria’s ARIP sandbox builds on that experience, bringing global standards in compliance, security and consumer protection to its local operations.
For Blockchain, ARIP provides a structured environment to test services for the Nigerian market, strengthen consumer protections and work directly with regulators and local stakeholders.
The company sees Nigeria as an important market in its African strategy, with strong existing demand for digital assets and an increasingly clear regulatory pathway for responsible operators. The company’s strategy materials specifically identify Nigeria as an important market for its African expansion.
ARIP was established by Nigeria’s SEC as a controlled regulatory sandbox for VASPs and fintech innovators. The programme allows the SEC to observe live applications of digital asset technologies, study operational risks, and establish tailored investor protection and anti-money laundering (AML) standards before final regulatory rules are codified.
Blockchain is pleased to participate in ARIP as we work alongside regulators to support responsible innovation, consumer protection and market integrity.
Founded in 2011, Blockchain is one of the world’s longest-standing digital asset companies with more than 95 million wallets, more than 44 million confirmed accounts and over $1.2 trillion processed.
Leadway Assurance has unveiled the Leadway Lifetime Plan, a one-of-a-kind whole-of-life insurance solution designed to extend financial protection beyond the immediate household to the wider family circle.
The newly introduced plan unveiled at a press briefing in Lagos reinforces Leadway’s commitment to building lasting financial security, preserving wealth, and delivering meaningful, long-term protection for the people who matter most.
The Leadway Lifetime Plan responds to the increasingly complex financial responsibilities faced by many working adults, particularly members of the Sandwich Generation individuals who simultaneously provide financial support for ageing parents while raising children and planning for their future.
With family responsibilities now extending beyond the traditional nuclear household, the Leadway Lifetime Plan is designed to offer broader, long-term protection that reflects the realities of modern Nigerian families.
Speaking on the new insurance plan, Olufunmilayo Amanwa, executive director, Technical & Operations, Leadway Assurance, said the product reflects the insurer’s recognition that family structures and financial responsibilities are evolving, and that insurance solutions must evolve with them.
“Financial responsibility no longer stops at the nuclear family. Today, one individual may be supporting children, a spouse, ageing parents, and in some cases, parents-in-law or siblings, all at once. That reality demands a different approach to protection.
The Leadway Lifetime Plan was built around this reality. It gives customers a way to extend continuous protection to the extended family, ensuring the people who depend on them are covered, while also delivering meaningful benefits to policyholders within their own lifetime. This is the Leadway way, designing solutions that respond to how people actually live, not recycling old products with new names”
Beyond traditional life protection, the Leadway Lifetime Plan incorporates a range of living benefits designed to provide financial support during critical stages of life.
Following five years of complete premium payment and subject to the policy terms, the policyholder and spouse may access up to 50 per cent of their current sum assured upon diagnosis of a covered critical illness. This benefit can provide valuable financial support at a time when a serious health event may place pressure on income, savings and overall household stability.
The plan also provides greater long-term financial flexibility. Eligible policyholders may access up to 50 per cent of the policy value for significant life goals after the premium payment term plus five years, subject to applicable policy conditions.
While Leadway’s existing Family Benefit Plan provides family-focused whole-life protection, the Lifetime Plan has been developed as a more expansive, multi-generational solution that combines lifelong protection with financial value that can be accessed during the policyholder’s lifetime.
Explaining the thinking behind the product, Rosetta Aryeetey, head, Life Underwriting and Life Business, Leadway Assurance said the solution was developed around the changing needs of customers. “The starting point for the Leadway Lifetime Plan was the customer.
We looked closely at how families are structured Today, how financial responsibilities are shared and the challenges customers face when they are responsible for several generations at the same time. What emerged was a need for a solution that does more than pay a benefit after death. Customers need protection for the people who depend on them, but they also need support when critical life events occur and flexibility as their financial priorities evolve.”
She added that the combination of multi-life protection, living benefits, long-term value and flexibility makes the Lifetime Plan relevant across different stages of a customer’s financial journey.
The plan also offers flexibility to enhance financial protection over time through an Escalation of Sum Assured feature. This allows customers to increase their benefits by a fixed percentage, giving them the flexibility to align their level of protection with their evolving financial needs and circumstances.
With the launch, Leadway Assurance is reinforcing its commitment to developing insurance solutions that respond to real-life needs while helping families build resilience, preserve financial stability and create lasting legacies.
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