UBA eyes small business market with massive pos terminal launch
- UBA launched 46,000 smart PoS terminals across Nigeria under the RedPay brand.
- The launch aims to reclaim market share from fintechs like Moniepoint, OPay, and PalmPay.
- Fintechs currently control over 70% of Nigeria's PoS market.
UBA's RedPay initiative is a significant step towards revitalizing traditional banking in Nigeria's competitive payments landscape. However, the success of this venture will depend on UBA's ability to overcome challenges such as agent liquidity and merchant trust, which have hindered legacy banks in the past. The shift towards a customer value-centric model is promising, but execution will be critical in determining whether UBA can effectively compete with agile fintechs.
