United Bank for Africa Plc has activated cross-border payment functionality on its artificial intelligence chatbot, LEO, making it the first of its kind in the continent to facilitate instant remittances across countries using local currencies.
The feature uses the Pan-African Payment and Settlement System, or PAPSS, developed by Afreximbank to simplify and speed up trade payments across the continent. The platform allows individuals, traders and businesses to transfer funds between African countries where central banks support PAPSS operations.
“This is not just a banking upgrade; it is a bold leap into the future of African finance,” UBA Group CEO Oliver Alawuba said in a statement. “The introduction of cross-border payments on LEO reflects our commitment to digital innovation and Pan-African integration.”
