Lagos, Nigeria — August 7, 2025
United Bank for Africa (UBA) has launched a cross-border payment initiative integrating its AI-powered chatbot LEO with the Pan-African Payment and Settlement System (PAPSS), enabling instant, secure, and local-currency payments between African countries, beginning with the Nigeria–Ghana corridor.
Speaking at the launch, UBA Group CEO Oliver Alawuba emphasized the bank’s commitment to building a modern trade ecosystem powered by digital innovation and financial inclusion. “We are proud to pioneer a solution that brings real-time, low-cost cross-border transactions to businesses and individuals across Africa,” Alawuba said.
PAPSS, developed by Afreximbank and the African Union, connects central banks and over 150 commercial banks across the continent. It reduces transaction costs from as high as 30% to under 1% and is expected to save Africa an estimated $5 billion annually in payment fees.
The Central Bank of Nigeria (CBN) has also introduced simplified documentation guidelines for PAPSS transactions, further unlocking access for SMEs and informal traders.
This move supports the broader objectives of the African Continental Free Trade Area (AfCFTA) by fostering intra-African trade through scalable, locally tailored financial infrastructure.
While UBA has not officially commented on global tariff trends, its investments align with a continental shift toward reducing external dependency and enhancing regional economic resilience.