· Revolutionises Remittances with PAPSS Instant Payment Service
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has introduced that its Artificial Intelligence chatbot, LEO is now enabled to hold out cross-border cost transactions.
By this, LEO turns into Africa’s first AI-powered chatbot to facilitate cross-border funds, providing clients a seamless and prompt solution to switch funds throughout the continent.
The platform leverages the Pan-African Payment and Settlement System (PAPSS) developed in partnership with the African Export-Import Bank (Afrexim Bank), and permits people, merchants, and corporates to switch cash in native currencies between African nations the place the Central Bank has accredited PAPSS operations.
Commenting on this milestone, Group Managing Director/Chief Executive Officer, UBA, Oliver Alawuba, mentioned that as Africa’s international {bank}, UBA is pushed by the necessity to continually push boundaries and ship providers that talk to the wants of at the moment’s Africa.
“The introduction of cross-border payments on LEO, in partnership with PAPSS, reflects our commitment to digital innovation, Pan-African integration, and customer-centric banking. This is not just a banking upgrade; it is a bold leap into the future of African finance,” he acknowledged.
UBA PAPSS Instant Payment via LEO provides unmatched advantages together with prompt funds inside a couple of seconds; availability through self-service channels; decrease transaction processing charges and nil costs on the beneficiary.
Speaking extra on the advantages, Group Head, Retail and Digital Banking, Shamsideen Fasola that enhanced safety and confidentiality and wider choices for remittance merchandise are different advantages that clients stand to achieve from the service.
“This is a transformative step in Africa’s financial services landscape. With LEO now fully integrated with the PAPSS infrastructure, UBA customers can send and receive money across African borders in their local currencies within seconds. We’re not just simplifying transactions – we’re fostering intra-African trade and breaking down longstanding barriers to financial inclusion,” Fasola acknowledged.
With this innovation, UBA is empowering account holders, merchants, and corporates to transact shortly and effectively throughout African markets, formalizing casual commerce flows and supporting the broader objectives of the African Continental Free Trade Area (AfCFTA).
As the primary {bank} to allow cross-border funds through its chatbot on the continent, UBA continues to guide in innovation, buyer expertise, and digital banking transformation.
United Bank for Africa is without doubt one of the largest employers within the {financial} sector on the African continent, with 25,000 staff group large and serving over 45 million clients globally. Operating in twenty African nations and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA supplies retail, business and institutional banking providers, main {financial} inclusion and implementing cutting-edge expertise.
