United Bank for Africa (UBA) has introduced two new products, Africash and Afritrade, into the African market.
Africash is the bank’s platform that enables payment and receipt of funds across Africa in real time. “It is Africa's premiere instant money transfer service designed to facilitate the movement of funds across Africa to named beneficiaries,” the MD/CEO, Gabriel Edgal, stated at the launch of the products.
The product is targeted at businessmen, parents, students, tourists, individuals as wells professionals across the region.
Afritrade, so far, is the only 24 hour intra-African trade processing and payments service that facilitates prompt and low-cost processing of trade and payments within Africa. It facilitates the payment and receipt of funds across Africa for the purpose of paying for goods and services and is mainly targeted at export and import companies and traders that do businesses across Africa.
According to the CEO, these products do not only reinforce the bank’s leadership in the industry but align with its determination to always delight its customers, adding that the introduction of the products is also the bank’s efforts at integrating and progressing trade across Africa.
The two products, already launched in Nigeria, were simultaneously launched last week in 17 other African markets where UBA has presence. The bank also has presence in New York, London and Paris thus being able to effectively arbitrage Africa and African related business globally.
While emphasis on cross-border trade is regularly being promoted, it is still at its infancy. Trade between the Economic of West African States (ECOWAS) and other African countries is about 14% of the countries’ total international trade. Intra Africa trade remains weak with a high dependence on imports from other continents rather than exchange within the continent. In West Africa, as much as 80% of exports and 70% of imports is currently being done with international trade partners.
Africash is the bank’s platform that enables payment and receipt of funds across Africa in real time. “It is Africa's premiere instant money transfer service designed to facilitate the movement of funds across Africa to named beneficiaries,” the MD/CEO, Gabriel Edgal, stated at the launch of the products.
The product is targeted at businessmen, parents, students, tourists, individuals as wells professionals across the region.
Afritrade, so far, is the only 24 hour intra-African trade processing and payments service that facilitates prompt and low-cost processing of trade and payments within Africa. It facilitates the payment and receipt of funds across Africa for the purpose of paying for goods and services and is mainly targeted at export and import companies and traders that do businesses across Africa.
According to the CEO, these products do not only reinforce the bank’s leadership in the industry but align with its determination to always delight its customers, adding that the introduction of the products is also the bank’s efforts at integrating and progressing trade across Africa.
The two products, already launched in Nigeria, were simultaneously launched last week in 17 other African markets where UBA has presence. The bank also has presence in New York, London and Paris thus being able to effectively arbitrage Africa and African related business globally.
While emphasis on cross-border trade is regularly being promoted, it is still at its infancy. Trade between the Economic of West African States (ECOWAS) and other African countries is about 14% of the countries’ total international trade. Intra Africa trade remains weak with a high dependence on imports from other continents rather than exchange within the continent. In West Africa, as much as 80% of exports and 70% of imports is currently being done with international trade partners.
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