- Safiu Kehinde
The United Bank of Africa (UBA) has launched the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its AI-powered chatbot, LEO, for seamless cross-border transactions.
This was disclosed in a statement issued on yesterday following the official launch of the new system at the UBA Head Office in Lagos on Wednesday.
In said move that cements its position as a digital trailblazer on the continent, the innovation saw UBA become the first financial institution to enable cross-border payments on a chatbot platform in Africa.
This according to the statement enables instant, seamless, and secure transactions in local currencies between African countries.
Speaking at the Press Conference held for the official launching of the innovation, the UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who welcomed the PAPPS team and the media practitioners, described the event as a momentous one for the bank and a significant leap in the realisation of intra-African trade.
Alawuba said with PAPSS integration into the LEO platform customers can now transact across Africa using their own local currencies.
“For us, this is what UBA is all about – connectivity and easing transactions. With PAPSS now fully integrated on our LEO platform, we are not just simplifying payments – we are breaking down the barriers to economic collaboration across African markets and allowing Africans to be able to transact using their own local currencies.
“This is aligned with our vision of being at the heart of Africa’s economic transformation, and so, I say, Now, Africa trade begins!!!” He said.
Alawuba emphasised that as the future of Africa, lies with the youth, UBA as a bank continues to seek ways to support the youth to grow the economy, adding that the integration of PAPPS on the LEO Platform is one of such ways.
In his submission, the Chief Executive Officer, PAPPS, Mark Ogbalu III, who commended UBA for being an excellent partner with Afrexim bank and PAPPS on their Pan-African journey towards enabling trade on the continent, explained that UBA was one of the first financial institutions to enter into PAPPS.
Ogbalu said, “Indeed, PAPPS 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. By this, customers can 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.
“Before now, Africa intra-trade used to be very low and limited, but this product and service has come to address this and we are already seeing a lot of impact with this product,” he noted.
UBA Head, Retail and Digital Banking, Shamsideen Fashola, explained that the innovation means UBA customers can now experience truly borderless banking on a platform they already trust.
“The recent deployment of PAPSS on our LEO Chatbanking platform is a bold step in that direction. With this, UBA becomes the First Bank in Africa to power cross-border payments through a chatbot, reinforcing our digital leadership and setting a new benchmark in financial services across the continent,” he said.
According to him, Early data already shows promising adoption, especially in the Ghana-Nigeria corridor, and the bank remains committed to deepening awareness and driving even more value for customers across our markets.
“This collaboration is a transformational move that simplifies payments, empowers traders, supports families, and unlocks economic potential in line our goals,” he added.