United Bank for Africa Plc has activated cross-border payment functionality on its artificial intelligence chatbot, LEO, making it the first of its kind in the continent to facilitate instant remittances across countries using local currencies.
The feature uses the Pan-African Payment and Settlement System, or PAPSS, developed by Afreximbank to simplify and speed up trade payments across the continent. The platform allows individuals, traders and businesses to transfer funds between African countries where central banks support PAPSS operations.
“This is not just a banking upgrade; it is a bold leap into the future of African finance,” UBA Group CEO Oliver Alawuba said in a statement. “The introduction of cross-border payments on LEO reflects our commitment to digital innovation and Pan-African integration.”
The new capability offers near-instant transactions, lower processing fees and zero beneficiary charges, the bank said. It’s accessible via self-service channels and supports multiple remittance products.
“Customers can now send and receive money across African borders in local currencies within seconds,” said Shamsideen Fasola, group head of retail and digital banking. “We’re simplifying transactions while driving intra-African trade and financial inclusion.”
The integration aligns with the goals of the African Continental Free Trade Area by formalizing informal trade flows and boosting economic integration. PAPSS is seen as a critical infrastructure to reduce Africa’s reliance on hard currencies for intra-regional trade.
UBA operates in 20 African countries, as well as in the US, UK, France and the UAE. The Lagos-based lender serves more than 45 million customers and employs 25,000 people across its network.
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