UBA boosts cross-border payments with AI tool

The United Bank for Africa (UBA) Plc, has announced that its Artificial Intelligence chatbot, LEO is now enabled to carry out cross-border payment transactions. By this, LEO becomes Africa’s first AI-powered chatbot to facilitate cross-border payments, offering customers a seamless and instant way to transfer funds across the continent.  The platform, according to the bank, […]

The United Bank for Africa (UBA) Plc, has announced that its Artificial Intelligence chatbot, LEO is now enabled to carry out cross-border payment transactions.

By this, LEO becomes Africa’s first AI-powered chatbot to facilitate cross-border payments, offering customers a seamless and instant way to transfer funds across the continent.

 The platform, according to the bank, leverages the Pan-African Payment and Settlement System (PAPSS) developed in partnership with the African Export-Import Bank (Afrexim Bank), and allows individuals, traders, and corporates to transfer money in local currencies between African countries where the Central Bank has approved PAPSS operations.

Commenting on this milestone, Group Managing Director/Chief Executive Officer, UBA, Oliver Alawuba, stated that 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.

UBA PAPSS Instant Payment through LEO offers unmatched benefits including instant payments within a few seconds; availability via self-service channels; lower transaction processing fees and zero charges on the beneficiary.

Speaking more on the benefits,  Group Head, Retail and Digital Banking, Shamsideen Fasola added that enhanced security and confidentiality and wider options for remittance products are other benefits that customers stand to gain from the service.