United Bank for Africa (UBA) Plc has marked a major milestone in African financial technology, announcing that its Artificial Intelligence-powered chatbot, LEO, is now equipped to facilitate cross-border payment transactions. This development positions LEO as the continent’s first AI chatbot to offer such a service, providing UBA customers with a seamless and instantaneous method for transferring funds across African nations.
The innovative platform leverages the Pan-African Payment and Settlement System (PAPSS), an initiative developed in partnership with the African Export-Import Bank (Afrexim Bank). This integration enables individuals, traders, and corporates to transfer money in local currencies between African countries where PAPSS operations have received central bank approval.
Oliver Alawuba, group managing director and chief executive officer of UBA, underscored the strategic importance of this advancement. “As Africa’s global bank, UBA is driven by the need to constantly push boundaries and deliver services that speak to the needs of today’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 stated.
The UBA PAPSS Instant Payment through LEO service promises a suite of benefits for users. These include instant payments completed within mere seconds, 24/7 availability via self-service channels, and lower transaction processing fees, with the added advantage of zero charges for the beneficiary.
Shamsideen Fasola, group head, retail and digital banking at UBA, further elaborated on the advantages. He highlighted enhanced security and confidentiality, alongside wider options for remittance products, as additional benefits customers stand to gain from the new 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 remarked.
This innovation by UBA is set to empower account holders, traders, and corporations to conduct transactions quickly and efficiently across diverse African markets. By formalising what have traditionally been informal trade flows, the initiative also serves to support the broader objectives of the African Continental Free Trade Area (AfCFTA), aiming to boost intra-African commerce and economic integration.
