The Lion King | 27
Product News
Money transfer across
Africa simplified
UBA Africash
O
ne of the outstanding
problems hitherto facing
trade and economic
activities across Africa was
the nonexistence of a tailored
payment system that is fast and
secure. Besides being unsafe to
carry cash along while on busi-
ness or leisure trips, the multi-
currency nature of the continent
makes money transfer services
indispensable as traders and
other travellers need a trusted
and reliable means of moving
their funds to the intended des-
tinations.
Though a number of Money
Transfer Organizations (MTOs)
are operating in Africa, the
big-names in the business do
not provide this much needed
platform for those sending mon-
ies from some African countries
largely due to the regulations
imposed by the countries’ apex
banks among other factors.
Even where there are no such
restrictions, the MTOs do not of-
fer account transfer. That is, their
service is largely cash collection
transfers thereby creating gaps
that need to be bridged.
In response to this challenge, Af-
ricash, UBA’s proprietary money
transfer product, was created
and tailored to suit the African
businesses and travellers.
What is Africash?
Africash is a secure electronic
payment service that allows
money transfer across African
countries where UBA has pres-
ence.
Africash leverages on the reach
and channels of UBA as an
emerging dominant bank within
Africa and the various eco-
nomic zones to facilitate trade
locally and internationally on a
single platform in line with each
country’s exchange control
provisions. Africash services are
currently available in 19 African
countries. Sub-agents are also
being engaged to ensure a
wider reach thus bringing the
concept of Financial Inclusion to
bear.
Features of Africash:
Africash has a number of unique
features that distinguish it as Af-
rica’s leading indigenous money
transfer product:
• It is easy to use, secure and
fast
• Africash pricing reflects
the market realities in each
country of operation but in
all prices remain competitive.
On the average, price is less
than or equals 1%.
• Cash collection and account
transfer options
• LCY and USD options where
regulation allows USD transfer
• Going market exchange rate
is applied on every transfer
Some of the benefits to our cus-
tomers include:
• Convenience:
Monies can
be sent / received from a
wide network of UBA business
offices and agent locations
within reach.
• Speed:
Transfers (send and
received )are consummated
instantly
• Nonrestrictive:
It is open
to both account and
non-account holders where
regulation allows such.
• Cancellation/Refund:
customer can request for
cancellation and refund of
unpaid transfers.
Simple steps to using the
Africash service
To Send Money:
• Visit any UBA office or
sub-agent location and
complete Africash ‘Send
Form’
• Submit a valid form of Identi-
fication and completed form
to the Teller for processing
• On account transfer, benefi-
ciary’s account is credited
instantly.
• For Cash collection service,
collect the transaction
receipt and Collection PIN
card
• Communicate the PIN code
and transfer details to the
beneficiary
To Receive Money:
• Visit any UBA office in the
destination country with
valid means of identification.
• Complete Africash ‘Receive
Form’
• Submit completed form and
valid form of identification to
the Teller
• The customer is paid instant-
ly without any charge.
By Nkiru Udechukwu
