UBA is Returning to the Agent Banking System with the Deployment of 46,000 PoS Terminals

United Bank for Africa (UBA) is making a big move to win back small businesses and shop owners in Nigeria by rolling out 46,000 new Point of Sale (PoS) machines. This is part of UBA’s plan to get back into the agent banking system and compete with popular fintech companies like Moniepoint, OPay, and PalmPay, which have become favorites among merchants in recent years.

Just a few years ago, UBA was a big name in Nigeria’s PoS market. But as fintechs came in with faster, easier, and more flexible payment solutions, many shop owners started using their services instead. Fintechs made it simple for people to become agents, and they offered instant payments and quick devices. Because of this, the PoS market in Nigeria grew massively-from ₦2.3 trillion in 2018 to ₦79.5 trillion in 2024.

Now, UBA is fighting back with its new Redpay PoS terminals. Since January 2025, they have already given out over 6,000 terminals, and they plan to add another 40,000 soon. UBA’s deployment of 46,000 PoS terminals is a huge step, and it’s clear they want to be a major player in the agent banking system again.

Many shop owners are already noticing the difference with UBA’s new PoS machines. Olukayode Olubiyi, who is in charge of digital banking at UBA, says that merchants love how easy the terminals are to use, how fast transactions go through, and how reliable the machines are. He says these things have really helped shop owners run their businesses better.

Take Omobolanle Salami, for example. She sells perfumes in Lagos and used to use Moniepoint, but she switched to UBA’s Redpay terminal in February. She says she can now check her transactions and settle payments from her phone or laptop, even when she’s not at her shop. This helps her make better decisions about her business and gives her more control.

Another shop owner, Dhikrulahi Hammed, who sells electronics, uses PoS terminals from different companies, including UBA’s Redpay. He says he likes Redpay because he can monitor his sales and earnings from his phone, which makes it easier to keep track of his money and avoid mistakes.

Since January, UBA’s agent banking system with 46,000 PoS terminals has already handled over ₦25 billion in payments. The new PoS machines are especially popular with small businesses in cities and growing towns, as well as supermarkets and pharmacies that need reliable payment options.

UBA’s deployment of 46,000 PoS terminals comes at a time when traditional banks are trying to catch up with fintechs, who are leading in customer satisfaction. UBA hopes that by combining fast payments with trusted banking services, they can stand out and bring merchants back.

Security is also a big focus for UBA. The new PoS terminals have strong security features to protect against fraud, and they let shop owners do things like transfer money, pay bills, and even open new accounts right from the terminal.

With this big push, UBA is hoping to become a top choice for Nigerian merchants again. Only time will tell if their agent banking system with 46,000 PoS terminals will help them win back the market, but many shop owners are already seeing the benefits.

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