The flagship initiative by the African Export-Import Bank (Afreximbank), which is the Pan-African Payment and Settlement System (PAPSS), has reached a new operational milestone through its latest partnership with the United Bank for Africa (UBA), enabling instant cross-border payments via UBA’s AI-powered chatbot, LEO.
This marks the first time a conversational AI platform in Africa has been integrated with PAPSS, allowing customers within the UBA ecosystem to send and receive funds across borders in local currencies, within seconds. Transactions incur no charges to the beneficiary and are accessible across all LEO digital channels, supporting both individuals and businesses.
The integration is part of PAPSS’s broader mandate to streamline and reduce the cost of intra-African transactions. By settling payments in real time and in local currencies, PAPSS aims to eliminate the longstanding reliance on third-party currencies such as the dollar or euro, which have traditionally raised transaction costs and delayed trade flows across African countries.
UBA Group Managing Director and CEO, Oliver Alawuba, said the collaboration aligns with the bank’s goal of deepening digital innovation and regional integration.
“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.”
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The feature is expected to play a critical role in driving financial inclusion and supporting the African Continental Free Trade Area (AfCFTA), which seeks to boost intra-African trade by addressing payment bottlenecks.
UBA Group’s Head of Retail and Digital Banking, Shamsideen Fasola, noted the broader economic implications of the move.
“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.”
The service also enhances transaction security and confidentiality, offering a low-cost and efficient alternative for businesses, informal traders, and individuals across the continent.
With central banks in Africa already integrated into PAPSS and more financial institutions expected to join, the partnership with UBA is seen as a key step toward a continent-wide payment ecosystem. It reflects a growing shift toward homegrown digital financial solutions that are tailored to Africa’s economic realities and aspirations.
