UBA rolls out money transfer service

Nov 08, 2010

A new money transfer service that lets users send as much as $10,000 (€7,178) per transaction has been introduced by United Bank for Africa (UBA).

Known as Africash, the offering is available in any of the 16 nations UBA has a presence in and has been introduced in a bid to take advantage of the increasing interactivity between different African countries, Daily Nation reports. The service is aimed at a wide variety of customers - ranging from businesspeople to students studying abroad - and has been hailed as a "big improvement from the current situation" by Managing Director of UBA Manz Denga. "Transactions originating and terminating in Africa are [presently] sent to banks in Europe and America for approval and transmission," he was quoted as saying.

UBA, which was formed following a merger with Standard Trust Bank and the acquisition of Continental Trust Bank, currently has 750 branches across the continent, serving over seven million customers.