In a bold move that cements its position as a digital trailblazer on the continent, Africa’s Global Bank, United Bank for Africa (UBA) Plc has launched the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its AIpowered chatbot, LEO.

With this milestone, UBA becomes the first financial institution to enable cross-border payments on a chatbot platform in Africa, enabling instant, seamless, and secure transactions in local currencies between African countries.

At the press conference announcing the official launch event which was held at the UBA Head Office, Lagos yesterday, the UBA and PAPPS took media men through the journey which had culminated in the partnership aimed at deepening intra-African trade, digitising and aiding seamless transactions across the continent. 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: “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 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. “