United Bank for Africa (UBA) Plc, one of the continent’s biggest financial institutions, has announced that its Artificial Intelligence (AI) chatbot, LEO, is now capable of performing cross-border payment transactions. With this development, LEO becomes the first AI-powered banking chatbot in Africa to handle cross-border payments, offering individuals, traders, and corporate clients a faster and more convenient way to send money across African countries.
The new payment feature on LEO is powered through the Pan-African Payment and Settlement System (PAPSS), a platform developed by the African Export-Import Bank (Afrexim Bank). PAPSS was designed to facilitate intra-African trade by enabling instant payments and settlements in local currencies between African countries where the Central Banks have approved the system’s operations. With this integration, UBA is using digital innovation to break down financial barriers within the continent and drive the goals of the African Continental Free Trade Area (AfCFTA).
The Group Managing Director and Chief Executive Officer of UBA, Oliver Alawuba, explained that the decision to integrate cross-border payments into LEO aligns with the bank’s commitment to expanding digital services and enhancing customer experience across Africa. “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,” Alawuba stated.
The service comes with several benefits aimed at improving the user experience. According to the Group Head of Retail and Digital Banking, Shamsideen Fasola, the service offers instant payments completed within seconds, self-service accessibility for users, lower transaction processing fees, and zero charges on the beneficiary’s end. Fasola also highlighted that the service guarantees enhanced security and confidentiality, providing a secure way to transfer funds across borders.
Fasola added that the new payment feature is more than a technological advancement; it is a transformative step in the financial services landscape of Africa. “With LEO now fully integrated with the PAPSS infrastructure, UBA customers can send and receive money across African borders in their local currencies within seconds. We’re not just simplifying transactions – we’re fostering intra-African trade and breaking down longstanding barriers to financial inclusion,” he stated.
Through this innovation, UBA aims to support informal trade flows, empower African traders, and provide corporates with a more efficient means of conducting cross-border business transactions. The bank is positioning itself as a key player in formalizing trade across the continent, a crucial step towards the successful implementation of the AfCFTA, which seeks to enhance economic integration among African nations.
As the first bank on the continent to enable cross-border payments through a chatbot, UBA continues to lead in the areas of innovation, customer service, and digital transformation. LEO, which is already popular for its ability to help customers perform various banking services on platforms like WhatsApp and Facebook Messenger, has now become an even more powerful tool for financial transactions across Africa.
United Bank for Africa remains one of the largest employers in the African financial sector, with a workforce of 25,000 employees serving over 45 million customers globally. The bank operates in 20 African countries, as well as in the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA offers retail, commercial, and institutional banking services while promoting financial inclusion and driving digital banking advancements.
The rollout of cross-border payments via LEO not only strengthens UBA’s reputation as an innovative bank but also underscores the growing role of technology in enhancing Africa’s financial connectivity. As more African banks explore similar solutions, the continent’s financial landscape is set to experience further transformations that will promote easier trade, stronger economic ties, and improved financial inclusion for millions of Africans.
