Lagos-based Unified Payment Service Limited has been granted an acquiring license that is expected to broadly increase the acceptance of MasterCard payment cards in Nigeria.
Unified Payments operates as a shared infrastructure for the Nigerian banking community to enable a wide range of merchants to accept electronic payments. Thanks to this acquiring license, merchants using Unified Payment’s e-payments services will be able to accept local and international MasterCard and other branded payment cards without needing to operate multiple Point of Sale (POS) terminals.
Research carried out by the Small and Medium Enterprises Development Agency and the National Bureau of Statistics shows that MSMEs represent 95% of registered businesses in Nigeria and account for 75% of the workforce. However, nearly 98 percent of all MSME payments are still made with cash, according to MasterCard research.
As the acceptance of electronic payments is enhanced, these business owners can increase their revenue, enjoy better access to capital, be able to better manage and track their spending, save for future needs and protect themselves against unforeseen risks.
This partnership supports MasterCard’s broader strategy of working with a wide range of traditional and non-traditional partners including the government, merchants, telecommunication companies and others to increase the adoption and usage of electronic payments, and help stimulate economic growth in Nigeria.
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