The United Bank for Africa (UBA) mobile app has been upgraded with innovative features that are aimed at hastening digital banking penetration as well as financial inclusion across the continent.
This was disclosed by The Group Head, Digital Banking, UBA, Mr. Sampson Aneke during a virtual media parley that had journalists across the continent in attendance.
Some of the innovations include the ability to do group cash transfer and transfer to telephone numbers amongst other features.
The group transfer feature, according to Aneke was introduced to empower Micro, Small and Medium Enterprises, MSMEs while the feature that allows transfer to telephone numbers was designed to enhance financial inclusion across Africa against the background of the challenges of the COVID-19 pandemic.
Aneke, also said the recent upgrade of the UBA mobile banking app offers customers seamless means to pay for goods through the Quick Response code (QR Code).
“Some of these things are what could replace the Point Of Sale (PoS) machine, some are already here while some are still in the making like QR code that we already have in the current app, so you wouldn’t need a PoS.
There a lot of things we are doing to make life easy for our customers and to help maintain good hygiene because the current situation calls for seriousness as far as hygiene is concerned” he said.
Also speaking during the media parley, the Group Head, Consumer and Retail Banking, Mr. Jude Anele said the era of people going to Automated Teller Machines, ATMs to punch keys, slotting cards at PoS terminals where you need to use your fingers to punch the buttons is almost gone because of health concerns.
“Most of the transmission you might get and other ailments would come from such. So, what would gain ground is contactless payment systems where you don’t have to make contact to be able to pay.
If you go to countries like Kenya and most parts of East and Central Africa, you would find that while financial inclusion is deepening over there is because of the spread and depth at which financial technology and mobile payments have gone in those countries.
I believe that what COVID-19 has done for Africa, from a positive perspective is that it would hasten the adoption of digital banking which is the most cost-effective way to reach the unbanked” he said.
Speaking further, Anele added that what would take effect now and soon in payments in banks would largely be contactless payments. And contactless payments would happen largely around person to person transfers, USSD and that would include many people.
According to him, the most cost-effective way to reach the banked and unbanked would be through the mobile phone. This, he said is because the mobile phone has the greatest penetration across Africa.
The media parley also had the Chairman of the Group, Mr. Tony Elumelu in attendance.
