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OPTASIA JOINS FORCES WITH UNITED BANK FOR AFRICA TO ENHANCE FINANCIAL INCLUSION ACROSS AFRICA

20 December 2023

In a move to boost financial accessibility in Africa, Optasia, a frontrunner in Fintech services, and United Bank for Africa PLC (UBA), a renowned multinational pan-African financial institution, are delighted to announce the establishment of a Group Framework Agreement. This pivotal accord, formalized through Xtra Cash Solutions DMCC, an entity within the Optasia Group, paves the way for a synergistic collaboration aimed at fostering financial and credit inclusion across the continent.

Under this agreement, Optasia will harness its cutting-edge AI-driven platform to deliver comprehensive mobile lending solutions with UBA, tailored for mobile money customers. This strategic partnership is set to revolutionize financial services, enabling mobile money operators to work seamlessly with Optasia and UBA in 15 African countries. The focus of this initiative is to extend vital financial and credit services to underserved and underbanked communities, thereby driving inclusive growth.

UBA, acclaimed as ‘Africa’s Global Bank,’ has an expansive footprint with subsidiaries in 20 African countries and prestigious international offices in London, Paris, and New York. Through this alliance, UBA will offer crucial regulatory sponsorship and funding, bolstering Optasia’s current and future deployments. This collaboration not only marks a milestone in financial inclusivity but also strengthens both entities’ commitment to empowering communities across Africa.

“This partnership is in line with both Optasia and UBA’s vision to further deepen financial inclusion,” stated Mark Muller, CEO of Optasia. “This is a laudable initiative as this agreement with a valuable partner such as UBA will enable us to reach the markets faster and remove bottlenecks around funding and regulatory sponsorships. This partnership is also a testament to what Optasia is after: Working towards eliminating obstacles and surpassing hurdles that keep underbanked populations from being financially enabled.”

Speaking on the partnership, UBA’s Group Managing Director, Oliver Alawuba said “this partnership is an intentional effort towards Empowering Africa through strategic partnerships, UBA, in collaboration with Optasia, envisions a future where financial and credit inclusion becomes the cornerstone of prosperity across the continent. Together, we pave the way for a financially inclusive Africa, unlocking opportunities and building a brighter future for all”.

This partnership will be deployed to 15 countries across Africa with a combined population surpassing 700 million people, enabling the majority of them that remain underbanked to access valuable financial solutions and achieve the necessary financial inclusion that is paramount for their economic growth.