United Bank for Africa Plc has introduced a product called UBA Connect to deepen intra-African trade and enable customers to make cash withdrawals in local currencies
A statement said the service would enable customers of the bank to conduct traditional banking transactions at any UBA branch in the 20 African countries of the bank’s operation.
It added that the service, available to both customers and non-customers, was expected to encourage intra-Africa trade, as cash withdrawal could be done in local currencies within the continent.
Deposits could also be made at any location regardless of where the account was domiciled, it stated.
The Chief Executive Officer, UBA Group, Mr Oliver Alawuba, who spoke about the product, said, “Africa stands to benefit substantially from intra-Africa trade, which is facilitated by the easy flow of capital within the continent.
“As a bank committed to creating superior value for all its stakeholders, we are focused on ensuring that we continue to contribute significantly to the development of Africa by improving accessibility and trade with UBA Connect, among other innovative services.”
He explained that the new offering allowed easy transfer to UBA accounts across African countries as well as cash deposit into UBA accounts at any of the bank’s locations in Africa, adding that the cash would be dispensed to customers in local currencies at competitive exchange rates.
The Group Head, Marketing, Mrs Dupe Olusola, said, “We are thrilled to be able to offer our customers the ease and convenience of UBA Connect.
“This is in addition to an array of digital platforms, which have made banking seamless for more than 12 million people, who have trusted us with their money.”