United Bank for Africa (UBA) is staging a major return to Nigeria’s fast-growing Point of Sale (PoS) payment space. After losing ground to fintechs in recent years, the banking giant is deploying 46,000 upgraded Redpay terminals in a bid to woo merchants back with a blend of speed, reliability, and deeper banking features.
Fintechs like Moniepoint, OPay, and PalmPay have dominated Nigeria’s PoS scene, riding on the wave of agent banking to provide faster, more flexible payment services. From just ₦2.3 trillion ($1.44 billion) in 2018, Nigeria’s PoS transactions surged to ₦79.5 trillion ($49.7 billion) in 2024, according to the Nigeria Inter-Bank Settlement System (NIBSS). This fintech-led boom left traditional banks scrambling to adapt.
But UBA is making a renewed push. Over 6,000 Redpay terminals have already been deployed since January 2025, with an additional 40,000 planned for roll-out. The new terminals, according to the bank, are winning over small businesses thanks to improved speed, successful transfer rates, and enhanced visibility.
“Merchants commend the terminals’ ease of use, transaction speed, 100% success rate for transfers, and enhanced visibility,” said Olukayode Olubiyi, UBA’s head of digital banking
Merchants Embrace Hybrid Power of Redpay
For some merchants, the Redpay switch has been transformative. Lagos-based perfume seller Omobolanle Salami moved from Moniepoint to UBA’s Redpay terminal in February and hasn’t looked back. “While Moniepoint allows on-terminal transaction viewing, Redpay offers the added convenience of remote access,” she said.
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“This transaction visibility empowers me to make better business decisions, such as allocating more products to specific stores and advising customers on banks with less downtime for transfers.”
Similarly, Dhikrulahi Hammed, an electronics merchant in Lagos who uses multiple PoS platforms, said Redpay’s flexibility and remote access offer a clear edge. “Redpay’s remote transaction monitoring on phones/laptops is a significant advantage for security and tracking earnings to prevent discrepancies,” he said.
UBA says Redpay has processed over ₦25 billion ($15.6 million) in transactions since January, with particularly strong uptake from SMEs in both urban and peri-urban centres. The bank is now positioning Redpay as a complete solution, not just for payments but also for business operations.
Security, Speed, and Banking Integration Drive Strategy
UBA’s re-entry comes as fintechs continue to outperform banks in customer satisfaction. A 2024 KPMG survey ranked fintechs ahead in transaction speed, platform features, and service reliability. Redpay aims to close this gap by blending fintech-level agility with the trust and scale of a legacy bank.
“Redpay combines a user-friendly interface with backend inventory and store management, all tied into UBA’s wider retail ecosystem,” said Onyebuchi Akosa, UBA’s chief information officer. “We also offer the trust, reach, and regulatory stability that many fintechs can’t replicate.”
Security remains a key pillar of the Redpay relaunch. UBA’s terminals are PCI-DSS compliant and built with end-to-end encryption, tokenisation, secure PIN entry, and remote management.
The devices also pack a suite of value-added tools—real-time fund transfers, BVN/NIN-based account creation, airtime and bill payments, and instant wallet settlements—plus access to the bank’s MONI app for agency banking and digital dashboards for performance tracking.
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