African currencies now to be accepted in UBA’s branches

African currencies now to be accepted in UBA’s branches

Wednesday, January 22, 2020 7:17 am

UBA Headquarters, Lagos

United Bank for Africa (UBA) Plc has revealed the official  launch of UBA Connect, a new product and service that “enables the customers of the bank to conduct traditional banking transactions at any UBA branch in the 20 African countries where the bank operates.”

The service, which is available to both customers and non-customers alike, is, according to a report by eagleonline, expected to encourage intra-Africa trade, as cash withdrawal can now be done in local currencies within the continent, while deposits can also be made at any location regardless of where the account is domiciled.

Oliver Alawuba, the Chief Executive Officer, UBA Africa 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.”

Alawuba explained that the new offering allows easy transfers 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 “will be dispensed to customers in local currencies at competitive exchange rates.”

Dupe Olusola, the Group Head, Marketing, also said: “We’re 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.”

To use the service at any UBA business location in Africa, a UBA Connect Send, Receive or Transfer form needs to be completed, with valid identification (International passport with valid visa or migration stamp, in the case of ECOWAS member countries).


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