Insights | UBA & Onafriq: 10 Years of Prepaid Card Innovation
Prepaid cards have become instrumental in today's global commerce landscape, providing secure, flexible, and accessible payment methods for consumers and businesses alike.
Onafriq CEO Dare Okoudjou recently met with UBA Group's Deputy Managing Director Muyiwa Akinyemi to celebrate over a decade of successful collaboration and reaffirm our commitment to driving innovation in payments.
Over the past ten years, we have partnered with the United Bank for Africa (UBA) Group to offer prepaid card solutions across Africa, starting at a time when financial services were mainly accessible to traditional bank account owners. During this time, UBA acquired Banque Internationale du Burkina (BIB), a bank that had recently introduced the Africard—the first Visa prepaid card in West Africa—processed by Onafriq.
Owing to the success and potential of Africard, UBA chose to scale the program across their African affiliates. They aimed to provide accessible financial services to a broader population, offering a solution that allowed anyone with a valid ID to obtain a prepaid card without needing a bank account.
Several factors explain the tremendous success of UBA's prepaid card program:
- Top management champions: UBA's leadership was pivotal in driving the program's success. Their active sponsorship ensured the prepaid card initiative received the necessary support and resources across all affiliates.
- High activation rates: UBA ensured consistent revenue generation and customer engagement by focusing on maintaining a high ratio of active cards. Encouraging regular card usage enhanced the program's overall effectiveness.
- Strong cross-border transaction capabilities: The prepaid cards facilitate simple and easy cross-border payments, allowing customers to conduct international transactions efficiently and opening new revenue streams for the bank.
- Strategic partnerships: UBA recognised the importance of collaboration and formed partnerships with program managers and fintech companies. These alliances allowed them to onboard diverse use cases, expand their customer base, and stay ahead in the competitive market.
By implementing the prepaid card program, UBA enabled unbanked individuals to manage their budgets and participate in the global economy.
Similarly, integrating prepaid cards with alternative stores of value, such as mobile money wallets and digital platforms, has created a better, interconnected payment ecosystem. This interoperability has enhanced convenience and enabled access to global payment networks, allowing for safe, efficient fund transfers and international purchases.
Onafriq supported UBA's prepaid card goals by leveraging our expertise in card payment processing and our deep understanding of the African market. Our secure and scalable card platform enables UBA to offer millions of customers reliable and efficient prepaid card solutions while adapting to evolving customer needs.
Our offering supports multiple currencies across Africa, including USD card transactions, and prioritises data security through PCI DSS and SOC 2 compliance, along with continuous monitoring to protect customer information and transactions.
This decade-long partnership exemplifies the impact of strategic collaboration in driving financial innovation. UBA's visionary approach and commitment to financial inclusion, coupled with Onafriq’s technological capabilities and extensive network, have set a benchmark in the African payments industry.
As we celebrate this milestone, Onafriq remains committed to supporting our partners’ growth and providing innovative payment solutions that open Africa to a world of opportunities.
