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UBA Upgrades PoS Terminal, Relaunches MONI App to Boost Digital Banking

UBA Upgrades PoS Terminal, Relaunches MONI App to Boost Digital Banking

United Bank for Africa (UBA) unveiled an enhanced Point of Sale (PoS) terminal and a revamped MONI app, aiming to deepen Nigeria’s cashless economy.

Launched in Lagos by Group MD Oliver Alawuba, the new terminal processes transactions in under five seconds, supports contactless payments, and integrates QR code scanning, targeting 2 million merchants by 2026. The MONI app, now with AI-driven budgeting tools and instant loans up to ₦500,000, has onboarded 1.5 million users since its 2024 debut. UBA, serving 45 million customers across 20 countries, invested ₦10 billion in the upgrades, eyeing Nigeria’s $1 trillion digital payments market.

The rollout addresses PoS fraud—2024 saw ₦2 billion in losses, per CBN—and cash scarcity, with 40% of Nigerians reliant on terminals. Alawuba cited a 30% rise in PoS transactions to 500 million monthly, projecting 20% growth with the new devices.

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The MONI app’s peer-to-peer transfers, free for the first 90 days, aim to rival fintechs like OPay, which holds 25% market share. Bankers’ Association chair Abubakar Suleiman praised UBA’s innovation, but rural agents, handling 60% of PoS volume, want better network support. With 35% of Nigerians unbanked, UBA’s push could bridge gaps, reshaping how 220 million transact.