UBA launches 'revolutionary' mobile banking solution
The United Bank of Africa is to introduce its U-Mo mobile banking product to improve access to finance for the millions of Nigerians who do not have a bank account.The United Bank of Africa is to introduce its U-Mo mobile banking product to improve access to finance for the millions of Nigerians who do not have a bank account.
This Day reports the system, which enables customers to make purchases by transferring money using their mobile handset, will be made available across the country after being launched in Lagos by Group Managing Director and Chief Executive Officer of the bank Philip Oduoza.
"Just like the GSM changed the face of communication in the country, the U-Mo is also going to revolutionise the Nigerian banking system," he was quoted as saying.
Mr Oduoza said the move will assist the Central Bank of Nigeria in its aim to boost financial inclusion across the nation and added a U-Mo account can be opened "within three minutes".
Microfinance Africa reported earlier in the year that around 67 per cent of Nigeria's adult population is unbanked, however mobile banking is expected to become a key driver in bank account adoption across the country and elsewhere on the continent.