The United Bank for Africa (UBA) has unveiled its Artificial Intelligence chatbot, LEO, which enables seamless trans-border payment transactions across the continent.
LEO becomes the first AI-powered chatbot in Africa to offer cross-border payments with lower transaction processing fees and zero charges on the beneficiary, according to the financial institution.
It permits individuals, traders, and corporates to transfer money in local currencies between African countries leveraging the Pan-African Payment and Settlement System (PAPSS), developed in partnership with the African Export-Import Bank.
Speaking more on the benefits of the digital platform, UBA Group Head, Retail and Digital Banking, Shamsideen Fasola said enhanced security and confidentiality and wider options for remittance products are other benefits that customers stand to gain from the service.
“This is a transformative step in Africa’s financial services landscape,” said Fasola. “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,” Fasola further explained.
With this innovation, UBA is empowering account holders, traders, and corporates to transact quickly and efficiently across African markets, formalizing informal trade flows and supporting the broader goals of the African Continental Free Trade Area (AfCFTA).
As the first bank to enable cross-border payments via its chatbot on the continent, UBA continues to lead in innovation, customer experience, and digital banking transformation, it said in a statement.
UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
