UBA ZAMBIA COMMITSIN SIAVONGATO BOOST INTER-AFRICAN TRADE
UNITED Bank for Africa (UBA) Zambia has pledged to support the Africa Continental Free Trade Area (AfCFTA) to advance regional integration and economic growth.
As Zambia and the rest of Africa celebrate Africa Day whose theme is “Acceleration of AfCFTA Implementation”, UBA Zambia Board Chairperson Tukiya Kankasa-Mabula has stressed the importance of supporting economic progress in Africa via initiatives such as the AfCFTA.
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Dr Kankasa-Mabula said Africa Day gives an opportunity to UBA Zambia as a PanAfrican bank to reflect on how
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She said, that initiatives such as the AfCFTA allow UBA
March, 2022
Zambia to support intra-African trade which would result in millions of people being lifted out of extreme poverty, job creation and industrialization.
“UBA is one of the institutions driving the Pan African Payment and Settlement System (PAPSS) trial. This payment system, which is being implemented jointly by AfCFTA and Afrexim Bank,
intends to make it easier for AfCFTA members to pay for products and services in local African currencies, avoiding the need to first convert into a third currency, such as the US dollar. UBA has a presence in five of the seven nations chosen to pilot PAPSS” she said.
Dr Kankasa-Mabula said UBA Zambia was ready to assist the Zambian government and corporate sector in capitalising on the opportunities presented by AfCFTA and accelerating its implementation, which would result in economic growth for the nation.
She said UBA Zambia recognises the immense potential of the AfCFTA in transforming the continent into a thriving economic centre, and it is determined to play a pivotal role in this historic initiative.
Dr Kankasa-Mabula
AfCFTA, which came into effect in January 2021, was the largest free trade area in the world in terms of participating countries which aims to create a single market for goods and services, facilitate the movement of capital and people, promote investment, and drive sustainable economic development across Africa.
“The bank's support aligns seamlessly with its core values of empowering individuals and businesses to thrive,” she said. She said as Africa’s global bank, UBA’s aspiration was borne out of a collective vision to become the bank of choice for transactions involving Africans and African Businesses; and being the leading provider of offshore correspondent banking services to financial institutions and corporations in Africa.