KEY POINTS

• UBA, Redtech and MoMo PSB launched a cardless transaction partnership using “Pay with MoMo” on RedPay terminals.
• Redtech, backed by Tony Elumelu’s Heirs Holdings, has deployed more than 55,000 RedPay POS terminals nationwide.
• The platform has processed 12.23 million transactions worth ₦278.47 billion to date.

Tony Elumelu’s Heirs Holdings deepened its push into Nigeria’s payments market on Monday after Redtech, its fintech arm, sealed a cardless transaction partnership with United Bank for Africa and MoMo Payment Service Bank, MTN Nigeria’s fintech subsidiary.

The three-way alliance now lets MoMo wallet holders settle purchases directly on RedPay point-of-sale terminals without a debit card, broadening digital payment access for merchants and consumers across the country.

Elumelu, who also chairs UBA Group, has steadily knit his banking and fintech assets together. Now Redtech sits at the center of that strategy, channeling Heirs Holdings’ digital ambitions while leaning on UBA’s distribution and MoMo’s wallet base.

Cardless payments go mainstream

The launch introduces a “Pay with MoMo” feature on RedPay terminals, allowing customers to scan, authorize and pay through their MoMo wallet at checkout. Moreover, the rollout taps into Nigeria’s accelerating shift toward contactless commerce, where the central bank has been pushing financial inclusion targets.

Kayode Olubiyi, UBA’s head of digital banking, said the partnership reflects a shared ambition. Specifically, he framed the tie-up as a bid to “redefine how payments are made and experienced in Nigeria,” adding that interoperability between banks and fintechs remains the next frontier for the industry.

Emmanuel Ojo, chief executive officer of Redtech, said the integration empowers merchants while easing pressure on cash-dependent retail channels. Meanwhile, Omolara Michael-Nwadu, acting chief executive officer of MoMo PSB, called it a “milestone” for cardless commerce, citing the speed and reach the joint platform delivers.

Scale already in place for cardless payment partnership

RedPay’s footprint underpins the deal. The platform has deployed more than 55,000 POS terminals nationwide and processed 12.23 million transactions worth ₦278.47 billion to date, according to figures shared at the launch.

Indeed, those volumes place RedPay among Nigeria’s fastest-growing acquirer networks, even as competitors such as Moniepoint, OPay and PalmPay scale aggressively. However, RedPay’s tie-up with both a tier-one bank and a telco-owned wallet now hands it a distribution edge few rivals can match.

Alero Ladipo, UBA’s group head of brands, said the partnership extends the bank’s “Africa’s Global Bank” promise into everyday transactions. Additionally, she said the deal aligns with UBA’s strategy of serving the underbanked through digital rails rather than physical branches.

Elumelu’s fintech bet

Heirs Holdings has steadily layered fintech onto its banking, energy and insurance portfolio. Today, Redtech anchors that fintech leg, while UBA remains the group’s listed banking flagship.

Together, the new alliance gives Elumelu’s empire a direct line into MTN’s 40 million-plus MoMo users, instantly widening Redtech’s addressable market without fresh customer-acquisition spend.

Industry watchers expect the deal to pressure rival POS operators to chase similar wallet partnerships. Furthermore, analysts say cardless rails will dominate Nigeria’s next payment cycle as smartphone penetration climbs and consumers tire of card-fee friction.

Whether the partnership delivers on its early promise will hinge on uptake at the till. Yet for now, Elumelu, MTN and UBA have placed a sizable joint bet on a wallet-led payments future.