Corporate Profile

Unified Payments® otherwise known as Unified Payment Services Limited is a card-neutral and option-neutral Payments Service Provider founded in 1997 by a consortium of leading Nigerian banks. Unified Payments® operates as a shared infrastructure for the banking community in Nigeria and Payments Service Provider within and outside Nigeria, with a vision to be the most preferred e-payment service provider in Africa. Formerly known as ValuCard Nigeria Limited, the name of the Company was changed in 2012 to reflect its new business, following a successful transformation from a domestic card scheme to a provider of payment services supporting different payment options and schemes.

Unified Payments prides itself in Leadership & Innovations in Payments and has contributed significantly to the growth of electronic payments in Nigeria. These contributions and exceptional value-innovations include but not limited to:

  • Pioneered the issuance and acceptance of EMV Chip+PIN cards in Nigeria leading to reduction of ATM fraud in Nigeria by over 95%.
  • Enabled Nigerian banks to issue payment cards to Naira accountholders to be used for the first time-ever globally.
  • Enabled Nigerian banks for first-ever acceptance of foreign cards at their ATMs
  • Enabled Nigerian Merchants the use of Nigerian Naira as transaction currency when cards issued under global card schemes are used at merchant locations in Nigeria. Hitherto, the only acceptable transaction currency was United States Dollars.
  • First Nigerian Principal Member of a global payment scheme and the only Nigerian non-bank Principal Member.
  • Joint Acquiring company for Nigerian banks
  • First EMV Third Party Processor in Nigeria
  • First Acquirer and Processor to deploy Near-Field-Communication (NFC) technology for remote/distant and proximity/contactless transactions in Nigeria.

Our major businesses are (i) Processing, (ii) Acquiring; (iii) Payment Terminal Service Provider (PTSP) (iv) Switching; and (v) Value-Added Services and Solutions.

Processing: We provide a secure and reliable infrastructure that enables Issuers to provide cards and other payment options to their accountholders or customers and for transactions across different electronic channels – Internet, Physical Points of Sales, ATMs, Telephone Handsets, etc. We also provide the backbone infrastructure that enable Acquirers to acquire transactions at all acceptance channels including Points of Sale and at ATMs. We are thus Issuer-Processor and Acquirer-Processors.

Acquiring: We provide acceptance services, enabling merchants to accept cards and other electronic means of payment for goods and services. Unified Payments has the largest non-bank acceptance infrastructure in Nigeria.

Payment Terminal Services: Unified Payments has the privileged license of deploying, monitoring and maintaining Points of Sale terminals to Merchant locations on behalf of other Merchant Acquirers.

Switching: Given our network of links with banks in Nigeria, Unified Payments is also able to provide switching services between Issuers and Acquirers in Nigeria, thereby significantly reducing connectivity costs between Issuers and Acquirers as well as increasing the throughput, through a significant reduction in potential points of failure.

Ancillary & Value-Added Services: To complement our core business activities, Unified Payments also provides ancillary services such as Card supply and Card Personalisation & Fulfilment services and supply of hardware and software. Unified Payments also provides Money Transfer service, Bill Payment solutions, airtime recharge, etc.