Africa’s Moment: Time to Activate Seamless Continental Payments

By Chioma Mang, CEO, UBA Africa

In 2024, total African trade was estimated at approximately US$1.5 trillion, yet the continent accounts for just about 3.3% of global trade, according to the World Trade Organization (WTO).

Intra-African trade has grown to roughly US$220 billion, but at just 15–18% of total trade, it remains significantly below intra-regional trade levels seen in Europe and Asia. Recent WTO indicators show only modest progress, with intra-African trade rising from about 11% to 12% in early-to-mid 2024.

These figures highlight two realities: Africa is trading more, but it is still not trading enough—either within itself or with the wider world.

United Bank for Africa (UBA) sees this moment not as a limitation, but as an opportunity—one that calls for bold financial infrastructure, deeper cross-border integration, and trust to expand the continent’s trade frontiers.

The Africa–USA and Africa–UK Opportunity

Trade between Africa and the United States stands at approximately US$104.9 billion annually, while Africa’s exports to the United Kingdom exceed US$23.5 billion, with services trade continuing to grow.

According to WTO data, U.S.–Africa trade in 2024 grew by about 8.3% year-on-year, including:
• U.S. goods exports to Africa: US$32.4 billion
• U.S. goods imports from Africa: US$39.6 billion
• Resulting in a goods trade deficit of about US$7.2 billion

Meanwhile, Africa accounts for only 2–3% of total UK trade, with goods valued at approximately £2.3 billion and services at £6.1 billion in recent reporting periods (Q1 2025).

UBA is uniquely positioned at the intersection of these flows.

With operations in 20 African countries and as the only sub-Saharan African bank with a federal license in the United States, alongside presence in global financial centres such as the United Kingdom, France, and Dubai, UBA serves as a critical bridge between Africa and the world.

Fixing the Payments Friction in Africa

Trade cannot grow where payments are slow, expensive, or uncertain. Since finance is the bloodstream of commerce, Africa’s trade ambitions require systems that operate at continental scale.

One of the most transformative developments in this space is the Pan-African Payment and Settlement System (PAPSS), currently active in 13 countries. UBA was the first bank licensed by PAPSS for continent-wide settlement.

PAPSS enables instant cross-border payments in local currencies, reducing reliance on hard currencies and correspondent banking chains. Through this integration, UBA effectively extends its reach to approximately 24 African markets, strengthening support for SMEs and corporates engaged in cross-border trade.

However, infrastructure alone is not enough—it must translate into real solutions for real users.

Real Solutions for Real Trade

UBA has developed key platforms aligned with Africa’s evolving trade landscape:
• Africash
A real-time remittance solution enabling seamless money transfers across Africa without currency conversion concerns—benefiting traders, families, and SMEs.
• Afritrade
Designed for businesses engaged in intra-African commerce, it improves liquidity cycles and reduces settlement risk.
• UBA Connect
Allows customers to access and operate accounts across all UBA countries, enhancing not just convenience but economic mobility.

Together, these solutions support the vision of the African Continental Free Trade Area (AfCFTA): a single, integrated market powered by seamless financial systems.

Why UBA Matters for Africa–USA and Africa–UK Trade

As Africa deepens its trade ties with the United States and the United Kingdom, three factors are critical:
1. Regulatory credibility
2. Cross-border settlement efficiency
3. Strong continental presence

UBA’s footprint across Africa, combined with regulated operations in the U.S. and UK, enables:
• Export payment facilitation
• Structured trade finance
• Diaspora remittances
• SME expansion into global markets

Whether a Ghanaian SME exports to London or a Nigerian supplier ships to Houston, speed, reliability, and currency certainty are key to competitiveness. UBA ensures businesses can transact confidently across these corridors.

The Next Chapter

Africa’s trade future will not be unlocked by policy alone. It requires:
• Payment systems that work
• Banks that connect markets
• Institutions that understand the continent’s diversity

Increasing intra-African trade beyond US$220 billion depends on removing payment barriers. Expanding Africa’s trade with the U.S. and UK depends on trusted financial intermediaries that operate seamlessly across jurisdictions.

UBA was built as Africa’s Global Bank. Today, that vision is no longer aspirational—it is operational.

The next phase of Africa’s trade transformation demands scale, integration, and innovation—and UBA is ready to deliver all three.

Because when Africa trades better, Africa grows faster.