By LOVETH AZODO, Lagos
In a bid to promote the Intra-African Trade, the United Bank Of Africa has taken up the financial inclusion challenge using different digital channels to expand access to financial services.
In his keynote address titled: ‘Boosting Intra Africa Trade: Institutions, Finance and Technology’ at the Africa Day of 2019 Lagos International Trade Fair, Head, Retail Banking, UBA, Mr. Osita Ede stated that UBA’s USSD banking services has allowed the bank to reach a significant percentage of Nigerians who have been previously excluded from financial services.
According to Ede, financial inclusion is one of the major channels through which technology can affect trade within Africa. Therefore, it has become a policy priority in many countries across the continent.
He assured that the bank will ensure improved access to financial services across Africa, especially with the growing adoption of mobile financial services, which increases reach.
“But more importantly, financial institutions like the United Bank for Africa have taken up the Financial Inclusion challenge, using different digital channels to expand access to financial services,” he said
On Intra-Africa trade he said “As Africa’s global bank, we understand the importance of intra-Africa trade. Therefore, we have put services in place to support this. With Africash, our intra-African money transfer services, customers can easily move money around for trade and investment within the continent.
“At UBA, we are excited about the possibilities the future holds for intra-African trade, with the required number of countries ratifying the African Continental Free Trade Area Agreement (AfCFTA).”
“The agreement will create a single African market of more than a billion consumers with a total GDP of over $3 trillion. UBA is well positioned to support individuals and businesses when AfCFTA comes into force,” he stated.