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UBA to offer a revolutionary money transfer

08 Nov

Intra-Africa trade is set to receive a boost after one of Africa’s largest banks United Bank of Africa, unveiled a revolutionary money transfer service that will significantly reduce the transaction cost of sending money across the continent.

Mr. Manz Denga UBA Kenya’s Managing Director confirmed that Business is severely hampered by the high cost of sending money across Africa.Most Financial transactions originating and terminating in Africa have traditionally been sent to banks in Europe and America for approval and this has increased trade transactions in Africa because many financial intermediaries are involved.

UBA hopes to leverage its presence in 16 African countries to ensure same day completion of Intra Africa transactions. The bank hopes to tap into the 25 US billion per year money transfer industry by offering real time transfers as well as payment in local currencies.

 
 

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