Table of Contents
UBA is reshaping how it runs its agency banking network as competition heats up in Nigeria’s digital payments space.
The bank has introduced a new multi-tier structure for the partners who recruit and manage agents under its UBA MONI platform. The overhaul also comes with fresh incentives for merchants using its RedPay point of sale terminals, part of a broader push to expand financial access and capture more transaction volume.
At the centre of the plan is a clearer framework for “aggregators”—third”-party operators who sign up and supervise thousands of POS agents across the country. UBA says the new model will formalise those relationships, introduce structured commissions and give partners better tools to monitor performance.
The changes were unveiled at a partner engagement session in Lagos this week. Executives said the goal is simple: make the system easier to manage, more transparent and more rewarding for those driving transactions on the ground.
Agency banking has become one of the most visible faces of financial inclusion in Nigeria. In many rural and semi-urban communities, small kiosks and roadside merchants with POS terminals now function as mini bank branches. They handle withdrawals, transfers, bill payments and deposits for customers who may never step inside a traditional banking hall.
Emmanuel Lamptey, UBA’s executive director designate for digital banking, said aggregators play a critical role in connecting the bank to those communities.
“By bringing together our aggregators and partners, we are strengthening the ecosystem that connects UBA directly to communities and ensuring that reliable financial services are within everyone’s reach,” he said.
Under the revamped structure, aggregators will use a dedicated portal that gives real-time visibility into transactions and agent activity. The bank is also promising faster settlements and clearer productivity-based incentives.
For merchants using RedPay terminals, UBA is offering instant settlements, transaction support, and real-time reporting dashboards. The package includes dispute resolution tools, terminal management support, analytics and multiple payment options, including card withdrawals and pay -by- transfer.
Shamsideen Fashola, head of digital banking at UBA, described the new system as a scalable network built to support the bank’s ambition of becoming a dominant force in digital collections across Africa.
Competition in agency banking has intensified as banks and fintech firms chase deposits and transaction income in a tougher operating environment. Cash shortages and currency reforms in recent years accelerated the shift toward electronic payments, pushing more Nigerians toward POS agents.
Adetunji Iyiola, head of agency banking at UBA, said the updated framework is designed to create value across the chain, from the bank to aggregators and the agents serving customers daily.
UBA operates in 20 African countries as well as the UK, US, France and the UAE, serving more than 45 million customers. Digital banking and agency expansion remain central to its growth strategy as it looks to deepen its footprint beyond major cities.
With the new structure in place, the bank is betting that tighter coordination, clearer incentives and better technology will translate into higher productivity across its network and a stronger position in Nigeria’s fast expanding payments market.
