Union Bank, PAPSS Simplify Cross-Border Transactions

Published 4 weeks ago• 7 minute read

union bank nigeria

To deliver simpler, smarter banking solutions, Union Bank of Nigeria has partnered with the Pan-African Payment and Settlement System (PAPSS) network, a Financial Market Infrastructure that provides hassle-free and convenient cross-border money transfers to some selected African countries.

This revolutionary payment solution for implementing the African Continental Free Trade Agreement (AfCFTA) is designed to transform how payments are made across Africa.

With PAPSS, customers can send money instantly to Ghana, Kenya, Rwanda, Liberia, Sierra Leone, Gambia, Malawi, Zambia, Zimbabwe, Djibouti, Nigeria and more African countries in the future.

Using PAPPS offers numerous benefits to customers, including, but not limited to, instant payments or transfers, cheaper foreign transaction costs, no need to source FX, enhanced security, and intra-African trade opportunities.

Commenting on this partnership that goes across borders, Peter Amadi, Head of Transaction Banking at Union Bank of Nigeria, said,” At Union Bank of Nigeria, we are committed to driving innovation and excellence in banking. Our focus is on providing seamless and efficient banking through simpler, smarter solutions that meet the evolving needs of our customers. We believe in fostering strong relationships and delivering exceptional value to our customers, ensuring their success in today’s dynamic financial landscape.”

Mike Ogbalu III, CEO of PAPSS, commenting on this partnership, said “I am very excited and proud to see Union Bank of Nigeria, a bank with over a century of banking legacy, joining the PAPSS network. This shows how PAPSS will be a game changer for the continent by enabling infrastructure to spur the growth of intra-African trade and commerce, with the active participation of regional economic communities, private sectors, and other stakeholders.”

Union Bank’s partnership with PAPSS marks a significant milestone in the Bank’s commitment to driving innovation and excellence in banking.

By providing seamless and efficient banking solutions through simpler, smarter means, the Bank aims to meet the evolving needs of its customers.

This collaboration enhances the Bank’s service offerings, fosters strong relationships, and delivers exceptional value to customers, ensuring their success in today’s dynamic financial landscape.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Published

1 day ago

03/06/2025

USSD Deactivation Codes

Financial institutions operating in Nigeria have stopped deducting charges for USSD banking services from the bank accounts of their customers.

This is in compliance with the directive of the Nigerian Communications Commission (NCC), with fees to henceforth be deducted from airtime balance of customers.

The new directive became effective today, Tuesday, June 3, 2025.

This policy came after telecom operators accused financial institution of not paying for the USSD banking services it rendered to its customers.

They had earlier threatened to suspend the service but the regulators, including the NCC and the Central Bank of Nigeria (CBN), intervened to find a lasting solution.

Already, some banks have started to inform their customers of this new development.

One of them, United Bank for Africa (UBA) Plc, in a message to customers, said, “In line with the directive of the Nigerian Communications Commission (NCC), please be informed that effective June 3, 2025, charges for USSD banking services will no longer be deducted from your bank account.

“Going forward, these charges will be deducted directly from your mobile airtime balance in accordance with the NCC’s End-User Billing (EUB) model.

“Under this new billing structure, each USSD session will attract a charge of N6.98 per 120 seconds, which will be billed by your mobile network operator.

“You will receive a consent prompt at the start of each session, and airtime will only be deducted upon your confirmation and availability of the bank to fulfil this service.

“If you do not wish to continue using USSD banking under this new model, you may choose to discontinue use of the USSD channel.

“Alternative digital banking options, such as our mobile app and internet banking platform, remain available for your convenience.

“We remain committed to delivering secure, accessible, and customer-friendly banking services.”

Published

2 days ago

02/06/2025

straitPay

About £1 million has been received by a UK-based financial technology (Fintech) firm, straitPay, to accelerate its mission to enhance financial connectivity throughout Africa and its Diaspora whilst expanding into new markets.

The funding package was from a pre-seed round led by a family office known for its investments in Eastern European fintech ventures, reflecting investors’ confidence in straitPay’s innovative solutions to address the financial challenges faced by individuals, SMEs, and investors across Africa and beyond.

“We are thrilled to collaborate with our strategic investors to realise our vision of seamless financial connectivity.

“This funding will enable us to broaden our product offerings, enhance customer service, and fast-track our goal of simplifying payments and investments across Africa,” the chief executive of straitPay, Kele Okafor, stated.

StraitPay focuses on simplifying payment and investment access for individuals and SMEs across Africa.

This funding marks a crucial turning point in straitPay’s journey, reinforcing the company’s commitment to innovating, scaling, and transforming financial ecosystems throughout Africa and beyond.

In just its early stages, straitPay has demonstrated remarkable impact across African financial ecosystems.

With 57 per cent of Africa’s 1.48 billion population remaining unbanked, straitPay’s 20,000+ digital wallets are already providing essential financial access to previously excluded individuals.

The platform has facilitated millions of dollars in transactions, directly supporting African families and businesses with faster, more affordable financial services.

The firm is driving a new era of economic connectivity in Africa by removing legacy trade barriers that have kept intra-African trade at only 15 per cent, creating a foundation for deeper regional collaboration.

As digital technology adoption accelerates across Africa, straitPay’s growing user base signals not just company success but meaningful progress towards financial inclusion and economic empowerment for millions.

Published

2 days ago

02/06/2025

Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.

The upgrade reflects the bank’s strengthened capital buffers and improved profitability, signalling continued positive momentum in its performance.

According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.

Commenting on the development, the chief executive of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.”

“Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions,” she added.

One of the key drivers of the improved rating is the bank’s robust capitalisation following the exercise announced by the Central Bank of Nigeria (CBN).

Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9 per cent at the end of 2024—well above the regulatory minimum.

The agency also noted that further capital raising efforts are expected to position the bank to meet the N500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.

As Nigeria’s sixth-largest bank, it commands approximately 5 per cent of total banking sector assets with the bank’s balance sheet reinforced by a high proportion of low-cost deposits, which accounted for 93 per cent of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.

The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

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