The United Bank for Africa (UBA) Plc has achieved a groundbreaking milestone with the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its AI-powered chatbot, LEO. This innovation marks UBA as the first financial institution in Africa to enable seamless cross-border payments through a chatbot platform, allowing instantaneous, secure transactions between African countries in their local currencies.
A Game-Changer for African Trade
In a press conference held yesterday, UBA’s Group Managing Director/CEO, Oliver Alawuba, hailed the integration as a monumental step in advancing intra-African trade. He emphasized that the integration of PAPSS into the LEO chatbot not only simplifies payment systems but also removes barriers to economic collaboration across African markets.
“For us, this is what UBA is all about – connectivity and easing transactions. With PAPSS now fully integrated into our LEO platform, we are not just simplifying payments – we are breaking down barriers to economic collaboration across African markets and allowing Africans to transact using their own local currencies,” Alawuba said. “Now, African trade begins!”
Alawuba underscored UBA’s commitment to supporting youth and contributing to economic growth, noting that this initiative is just one example of the bank’s efforts to foster youth empowerment in Africa.
A Strong Partnership
The CEO of PAPSS, Mark Ogbalu III, praised UBA for being an exceptional partner in the journey towards enabling easier trade across the continent. Ogbalu emphasized that UBA’s successful integration of PAPSS into the LEO chatbot is a pivotal moment in accelerating intra-African trade, as it combines convenience with seamless transactions.
“Before now, intra-Africa trade was very low, but with this product, we are already seeing significant changes,” Ogbalu stated. “This partnership marks a transformative shift, bringing digital solutions to facilitate real-time financial exchanges across borders.”
The Future of Banking
Shamsideen Fashola, UBA’s Head of Retail and Digital Banking, reiterated the significance of this innovation. He explained that customers can now enjoy 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. UBA is the first bank in Africa to power cross-border payments through a chatbot, reinforcing our digital leadership,” Fashola remarked.
Initial data has shown promising adoption, particularly in the Ghana-Nigeria corridor, with UBA pledging to continue deepening awareness and delivering even more value to customers across its markets.
“This collaboration simplifies payments, empowers traders, supports families, and unlocks economic potential. It’s a step toward realizing our larger goals for economic growth,” Fashola added.
As the first African bank to make cross-border payments possible through an AI chatbot, UBA has set a new benchmark in financial services across the continent, furthering its vision of being at the heart of Africa’s economic transformation.
