UBA Reclaims Ground in Nigeria’s PoS Market with Redpay Terminals
United Bank for Africa (UBA) Plc is making a strategic return to Nigeria’s fast-growing Point of Sale (PoS) market, aiming to recapture market share lost to nimble fintech rivals. The bank is rolling out 46,000 upgraded Redpay PoS terminals to support small businesses and retail merchants across Nigeria.
Once a dominant force in PoS payments, UBA is now competing with fintech leaders like Moniepoint, OPay, and PalmPay, who have built strong agent networks with promises of fast transactions, instant settlements, and simplified onboarding.
Redpay’s Edge: Speed, Visibility, and Trust
UBA has deployed over 6,000 Redpay terminals since January 2025, with an additional 40,000 expected in the coming months. The bank’s re-entry into the space comes on the back of rising demand: Nigeria’s PoS market processed ₦79.5 trillion ($49.7 billion) in 2024, up from just ₦2.3 trillion ($1.44 billion) in 2018, according to the Nigeria Inter-Bank Settlement System (NIBSS), a staggering 3,356% increase in six years.
UBA’s Redpay is engineered to deliver the speed and convenience of fintech solutions while offering the security and trust of a traditional bank. Merchants report that the new terminals are easy to use, provide fast transaction processing, and boast a 100% success rate for transfers.
“Merchants commend the terminals’ ease of use, transaction speed, and enhanced visibility,” said Olukayode Olubiyi, UBA’s Head of Digital Banking. “The flexibility and reliability are significantly improving their daily operations.”
For Lagos-based perfume seller Omobolanle Salami, switching from Moniepoint to Redpay in February brought new efficiencies.
“Redpay allows me to remotely monitor transactions via phone or laptop,” Salami said. “That visibility helps me optimise store stock and advise customers based on real-time transaction data.”
Another Lagos merchant, Dhikrulahi Hammed, who uses Redpay alongside OPay and Moniepoint, said Redpay’s remote access for earnings and transaction tracking makes it his preferred option.
₦25 Billion Processed Since January
Since its 2025 rollout began, Redpay has already processed over ₦25 billion ($15.6 million) in transactions, with strong adoption among urban and peri-urban SMEs, including supermarkets, pharmacies, and electronics retailers.
The bank’s integrated approach—merging payments with store management, banking services, and inventory systems—gives Redpay a unique edge.
“We offer the trust, reach, and regulatory stability that many fintechs can’t match,” said Onyebuchi Akosa, UBA’s Chief Information Officer. “Redpay provides a user-friendly interface plus backend inventory management tied into UBA’s broader ecosystem.”
Enhanced Security & Value-Added Features
Security is central to UBA’s new devices. The Redpay terminals are PCI-DSS compliant and come with end-to-end encryption, secure PIN entry, tokenisation, and remote terminal management to mitigate fraud risks.
UBA has also bundled multiple features to support business operations, including:
- Real-time fund transfers
- Instant settlements into digital wallets
- BVN/NIN-based account opening
- Airtime and bill payments
- Access to analytics dashboards
- Agency banking through the updated MONI App
As competition between fintechs and banks intensifies, UBA is betting on its hybrid value proposition, blending speed, innovation, and trust, to regain loyalty among Nigeria’s merchants
