For many Kenyan businesses trading across Africa, the biggest barrier is not opportunity, it is the movement of money. Delayed settlements, high costs, and complex currency conversions continue to slow down trade across borders. Yet, as conversations at the 26th Connected Banking Summit – East Africa revealed, this is rapidly changing.
The future of trade in Africa will be defined by how seamlessly payments move across borders and Kenya is at the center of this transformation. Speaking during the Summit, UBA Kenya, through a keynote address delivered by John Oganda, Head of Compliance, highlighted that the next phase of economic growth in East Africa will be driven by real-time, secure, and interoperable cross-border payment systems that enable businesses to transact with speed, certainty, and confidence.
With the African Continental Free Trade Area (AfCFTA) unlocking a market of over 1.4 billion people and a GDP of approximately USD 3.4 trillion, the opportunity for Kenyan businesses to scale across the continent has never been greater. However, intra-African trade remains below 18%, largely due to inefficiencies in cross-border payments—an area now undergoing significant transformation.
UBA Kenya is at the forefront of this shift, enabling businesses to move money seamlessly from Kenya to key African markets through its integrated digital payment ecosystem. Leveraging platforms such as PAPSS (Pan-African Payment and Settlement System), UBA Connect, Africash, and API-enabled banking, the Bank is enabling:
- Real-time cross-border settlements
- Local currency transactions, reducing reliance on USD and EUR
- Lower transaction costs and reduced FX exposure
- Faster access to working capital for SMEs
This means a trader in Nairobi can now pay a supplier in West Africa and have funds settled almost instantly, transforming how businesses operate across borders.
UBA’s presence in 20 African countries provides a unique advantage, positioning the Bank as a critical connector of trade corridors and a key enabler of Africa’s digital financial infrastructure.
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