United Bank of Africa Ghana, Africa’s Global Bank’s introduction of the UBA Connect Service has helped to facilitate trade in the payments for goods and services for cross-border transactions within Africa in line with the objectives of the AfCFTA.
The product is an inter-entity service that allows customers to have instant access to their funds over-the counter at any branch within the UBA network, enabling customers to seamlessly transact from any of the 20 countries other than the country where the account is held.
With the UBA Connect Service, customers can withdraw, deposit and transfer money from their account across the twenty African countries where UBA has presence. Deposits can also be done by third party customers. However, the service does not allow third party withdrawals.
This service is to drive innovation in retail and trade banking to ensure seamless transactions across African countries. The UBA Connect Service allows for instant transmission of data and significantly fast processing with transactions being consummated and source account impacted within minutes.
A non-restrictive account, hence accounts can be operated from any UBA office in Africa outside customer’s home country of account domiciliation, which allows business men, entrepreneurs’ and travellers to take advantage of the product.
In Ghana, transaction currency is in cedis and in the local currency of the country where transaction is taking place.
The transaction limit of the account does not exceed a US$10,000 (equivalent) per day for withdrawals and US$10,000 annually for deposits.
This product is also providing cross border payment with ease and serving as payment and settlement system for members of the Africa Continental Free Trade Area (AfCFTA). With 42 currencies on the continent, this system provides a platform for movement of funds with ease.
The UBA Connect product also supports the realisation of the Sustainable Development Goals (Goal 17), as the service is significantly providing the financial platform to increase exports among developing countries to strengthen the means of implementation and revitalise the global partnership for sustainable development.