United Bank for Africa Plc has announced a significant milestone in its digital banking journey with the enablement of its Artificial Intelligence chatbot, LEO, to facilitate cross-border payment transactions.
This development, according to a statement from the bank, makes LEO the first AI-powered chatbot in Africa to offer cross-border payments, providing customers with a seamless and instant way to transfer funds across the continent.
The platform leverages the Pan-African Payment and Settlement System, developed in partnership with the African Export-Import Bank. This allows individuals, traders, and corporates to transfer money in local currencies between African countries where the Central Bank has approved PAPSS operations.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said, “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.”
The UBA PAPSS Instant Payment through LEO offers several benefits, including instant payments within a few seconds, availability via self-service channels, lower transaction processing fees, and zero charges on the beneficiary. Additionally, the platform provides enhanced security and confidentiality, as well as wider options for remittance products.
Group Head, Retail and Digital Banking, Shamsideen Fasola, noted, “This is a transformative step in Africa’s financial services landscape. 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.”
This innovation empowers account holders, traders, and corporates to transact quickly and efficiently across African markets, formalising informal trade flows and supporting the broader goals of the African Continental Free Trade Area. As a leader in digital banking transformation, UBA continues to push the boundaries of innovation and customer experience.
With a presence in 20 African countries and offices in the United Kingdom, the United States, France, and the United Arab Emirates, UBA serves over 45 million customers globally and employs 25,000 staff group-wide. The bank remains committed to leading financial inclusion and implementing cutting-edge technology to meet the evolving needs of its customers.
