Press Release/ Union Bank of Nigeria Plc
LAGOS- March 05, 2015- Union Bank of Nigeria Plc has emerged the financial industry’s “Cashless POS Activation Champion”, in the MasterCard Cashless Champion Awards for 2014. Union Bank received the award for recording the highest increase in the activation of its Point of Sale (POS) terminals as recorded by the Nigeria Inter-Bank Settlement System’s (NIBSS) Payments Terminal Service Aggregator (PTSA) report.
The report indicated that by the end of 2014, Union Bank had attained an “active-to-deploy” POS ratio of 98%, against the 56% industry rate. The bank had also deployed the highest number of POS terminals with over three thousand POS points, representing a 116% growth rate when compared to the third quarter of 2014.
Commenting on the award, the Head of E-Business, Mr. Fatai Baruwa said “As we focus on building a simpler, smarter bank, ensuring that our customers adopt alternative channels for payments and banking services is critical. When a customer requests a debit card, we proactively ensure the customer follows through and activates that card on our POS terminals. As we get set to rollout our instant card offering across the country, we expect our activation rates to go up”.
In 2014, Union Bank announced that it had begun implementing a transformation strategy that will make it a highly respected provider of quality financial services. The bank has commenced a restructuring of its physical and technology infrastructure as well as optimization of its branch network.
The MasterCard Cashless Awards was launched in October 2014 by global payments technology company, MasterCard, and aims to promote a culture of cashless transactions.
