Whats Happening?
United Bank for Africa (UBA) Plc is making a strong return to Nigeria’s Point of Sale (PoS) market by rolling out 46,000 upgraded Redpay PoS terminals aimed at reclaiming market share from fintech rivals like Moniepoint, OPay, and PalmPay.
Since January 2025, UBA has deployed over 6,000 terminals, with 40,000 more expected soon. This rollout targets small businesses and retail merchants in urban and peri-urban areas, combining fintech speed with the trust and reliability of a traditional bank.
Market Context and Growth
Nigeria’s PoS market has experienced explosive growth, processing ₦79.5 trillion (approximately $49.7 billion) in transactions during 2024, a staggering increase from ₦2.3 trillion ($1.44 billion) in 2018, according to the Nigeria Inter-Bank Settlement System (NIBSS). This surge has largely been driven by fintech companies such as Moniepoint, OPay, and PalmPay, which have built extensive agent networks and attracted merchants with instant settlements, user-friendly devices, and flexible onboarding processes.
UBA’s Redpay terminals aim to bridge the gap by offering fast transaction processing combined with the reliability and regulatory compliance of a major bank. The new terminals are PCI-DSS compliant and equipped with end-to-end encryption, tokenization, secure PIN entry, and remote management. They also integrate with UBA’s revamped MONI App, offering agency banking, real-time fund transfers, BVN/NIN-based account opening, airtime and bill payments, and instant settlements into digital wallets.
According to interviews conducted by techcabal, Merchants praise Redpay’s flexibility and security. highlighting its advantage of remote transaction monitoring on phones/laptops as a significant advantage over competitors like Moniepoint, empowering better business decisions.
What This Means for You
If you are a small business owner or retailer in Nigeria, UBA’s upgraded PoS terminals could potentially offer a more dependable and secure payment solution compared to existing fintech options. The terminals provide remote transaction monitoring via mobile devices or laptops, enabling merchants to track sales and manage settlements conveniently from anywhere.
