<<Print>>

UBA Ghana, as part of efforts to facilitate trade across Africa seamlessly, has extended its AFRITRADE services to cover countries like Niger, Togo and Mali; in addition to its nineteen (19) operations across Africa. This means that, traders across Africa can now transact their businesses through UBA without any foreign correspondent bank; as it has the competitive advantage of leveraging its expansive network in Africa. AFRITRADE as a product offering from UBA, facilitates trade between African countries; as payments for transactions and supporting documentations (where applicable)are routed through the bank�s network across its subsidiaries in Africa; or through some local participating banks in countries where the bank is not present. With UBA serving as the importer and exporter bank, UBA AFRITRADE affords businesses and individuals the convenience of making payment in their local currencies, Euro and US dollars either by paying into a UBA account, through letters of credit, Francophone availzed drafts, bills for collection, export proceed collection or simple documentary cross boarder funds transfers. This means that, traders across the African continent no longer need to carry heavy cash amounts across the regions as this new solution offers them a fast, secure and convenient way to transact with their counterparties in other countries. Additionally, this new service will help reduce the pressure on hard currencies like the US dollar which has been appreciating steadily against the cedi in recent time; as exporters and importers at the two ends of the UBA subsidiaries involved make/receive payments in their respective local currencies. Explaining how this works, the Deputy Managing Director of UBA, Mr.Usman Isiaka, indicated that, �all an importer needs to transact using the AFRITRADE for example, is to either present a proforma invoice, bill of lading, airway bill, road way bill, customs entry, final classification and valuation report or Import declaration form as the case may require; and the underlining funds transfer will be effected in favour of the exporter in the country�s local currency. The importers will also be required to make payment for the goods/services received in their country�s local currency without the usual challenge of sourcing for foreign exchange�. He further noted that, the exporter does not need any document for proceeds collection beyond the usual identification/KYC (Know Your Customer) documentations in case of non UBA account holder.