UBA’s AfriCash and AfriTrade unveiled

United Bank for Africa-Ghana (UBA) has officially launched two products aimed at promoting movement of funds and trade within Africa.

The products, AfriCash and AfriTrade, are accessible in 18 countries across the bank’s operations in West, East and Central Africa.

AfriCash is an instant money transfer service designed to enable payment and receipt of funds across Africa. It is targetted at businessmen, parents, students, tourists, individuals, professionals on assignment across the region, and missionaries.

AfriTrade is a 24-hour intra-African trade processing and payment service, facilitating prompt and low-cost processing of trade and payments within Africa - targetting mainly companies exporting and importing from African countries, and traders buying and selling goods in bulk across borders.

Gabriel Edgal, Managing Director and Chief Executive Officer of UBA, launching the products in Accra said: “These products not only reinforce our leadership of the industry, but align with our determination to always delight our customers.”

He observed that intra-African trade remains weak with a high dependence on imports from other continents rather than exchange among African states, and in West Africa as much as 80 percent of exports and 70 percent of imports is currently being done with international trade partners.

“Informal trade, which accounts for most of the regional trade, is currently done via cash across borders - with its attendant risks and inconvenience. While formal trade, on the other hand, is in foreign currency - mostly US dollars and euro - through the correspondent banking system, which makes it costly and time-consuming.

“West African economies have not been able to make major strides in market integration, and settlement for trade has continued to be expensive, time-consuming and cumbersome.

“Recognising these problems, and as a means of promoting African economic integration, UBA developed these products to facilitate intra-African trade,” Mr. Edgal remarked.