For businesses struggling to move money across African borders quickly and affordably, a major breakthrough has arrived and it fits in your chatbox. United Bank for Africa (UBA) has transformed its artificial intelligence chatbot, LEO, into Africa’s first virtual banking assistant capable of executing cross-border payments.
What does this mean for the average small business owner, trader, or entrepreneur? Instant fund transfers in local currencies across African countries, all within seconds and at lower costs.
Thanks to its integration with the Pan-African Payment and Settlement System (PAPSS), powered by Afreximbank, UBA’s LEO enables individuals and businesses to bypass the costly and time-consuming hurdles of traditional international banking. Now, a trader in Ghana can send money to a supplier in Nigeria or Kenya without exchanging currencies through USD or going through complex processes.
“This is not just a banking upgrade; it is a bold leap into the future of African finance,” said UBA’s Group CEO, Oliver Alawuba.
For business owners, the implications are enormous:
READ ALSO
- Lower transaction costs, reducing the overhead of doing business across borders.
- Instant payments, which speeds up supply chains and cash flow.
- Local currency transactions, easing the pressure of currency conversion.
- Enhanced security and privacy, building confidence among users.
According to Shamsideen Fasola, UBA’s Head of Retail and Digital Banking, the innovation also supports the objectives of the African Continental Free Trade Area (AfCFTA) by enabling formal, secure trade flows across the continent.
With UBA leading the way, Africa’s business landscape is seeing a digital shift , one where chatbots aren’t just answering queries but actively moving economies. For traders, SMEs, and corporate players alike, LEO is a game-changer in turning cross-border trade into everyday banking.
