UBA Makes History as First African Bank to Enable Cross-Border Payments via Chatbot

Pioneering Integration of PAPSS into AI-Powered LEO Platform Redefines Continental Trade

In a groundbreaking development for African financial technology, United Bank for Africa (UBA) Plc has cemented its position as the continent’s digital banking leader by successfully integrating the Pan-African Payment and Settlement System (PAPSS) into its artificial intelligence-powered chatbot, LEO. This historic achievement makes UBA the first financial institution in Africa to enable cross-border payments through a chatbot platform.

The Dawn of Seamless Continental Transactions

The official launch event, held at UBA’s Lagos headquarters on Wednesday, marked a significant milestone in Africa’s digital banking revolution. The integration allows for instant, secure transactions in local currencies between African countries, effectively breaking down financial barriers that have long hindered intra-continental trade.

UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, described the development as transformative for African commerce. “This is what UBA is all about – connectivity and easing transactions,” Alawuba stated. “With PAPSS now fully integrated on our LEO platform, we’re not just simplifying payments – we’re breaking down the barriers to economic collaboration across African markets.”

Youth Empowerment Through Digital Innovation

Alawuba emphasized the bank’s commitment to supporting Africa’s youth population, who represent the continent’s economic future. “As the future of Africa lies with the youth, UBA continues to seek ways to support them in growing the economy,” he explained. “The integration of PAPSS on the LEO Platform is one of such ways.”

The CEO’s enthusiasm was palpable as he declared, “Now, Africa trade begins!!!” – a rallying cry that underscores the potential impact of this technological breakthrough on continental commerce.

PAPSS Leadership Hails UBA Partnership

Mike Ogbalu III, Chief Executive Officer of PAPSS, praised UBA’s pioneering role in the initiative. “UBA was one of the first financial institutions to enter into PAPSS,” Ogbalu noted. “Indeed, PAPSS has had an excellent run with UBA, which has now extended from carrying out these transactions from their branches to digital platforms and channels such as LEO.”

Ogbalu highlighted the transformative potential of the integration: “Customers can now send and receive their monies within seconds. This of course has an accelerated impact on trade as there is now an interplay between convenience and seamless transacting.”

Addressing Africa’s Intra-Trade Challenges

The PAPSS CEO pointed to the historically low levels of intra-African trade as a key challenge the new system aims to address. “Before now, Africa intra-trade used to be very low and limited,” Ogbalu explained, “but this product and service has come to address this and we are already seeing a lot of impact.”

Redefining Borderless Banking

Shamsideen Fashola, UBA’s Head of Retail and Digital Banking, emphasized how the innovation transforms customer experience. “UBA customers can now experience truly borderless banking on a platform they already trust,” Fashola stated.

He described the deployment as “a bold step” that reinforces UBA’s digital leadership. “With this, UBA becomes the First Bank in Africa to power cross-border payments through a chatbot, setting a new benchmark in financial services across the continent.”

Early Success and Future Potential

Initial data shows promising adoption rates, particularly in the Ghana-Nigeria trade corridor. Fashola noted the bank’s commitment to “deepening awareness and driving even more value for customers across our markets.”

He characterized the collaboration as “a transformational move that simplifies payments, empowers traders, supports families, and unlocks economic potential in line with our goals.”

UBA’s Continental Footprint

As one of Africa’s largest financial sector employers with 25,000 staff members, UBA serves over 45 million customers globally. The bank operates in twenty African countries and maintains presence in the United Kingdom, United States, France, and the United Arab Emirates.

This latest innovation builds on UBA’s reputation for implementing cutting-edge technology and driving financial inclusion across the continent. The PAPSS integration represents not just a technical achievement, but a significant step toward realizing the vision of the African Continental Free Trade Area (AfCFTA) by facilitating seamless cross-border transactions.

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