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UBA holds Africa trade forum



By: Fred Yaw Sarpong

United Bank of Africa (UBA) Ghana, a leading player in Ghana’s banking sector, organized Africa Trade Forum in Accra on Friday 27 June, 2014 at the Golden Tulip Hotel.
The forum, which financial experts have described as one of the biggest forums attracted highly industry players, was under the theme: “Driving Regional Trade Business through strategic partnerships.”
The forum, which was the first of it kinds, organized by the bank was to help business expansion within the Africa region.
Also, it was to discussed and explored ways of facilitating regional trading and strategic partnership within the region.
This thought leadership initiative brought together the best brains within this field to deliberate and profess innovative solutions that will help promote trading within the continent.
Since its inception about ten years ago, UBA Ghana has focused among other things on leveraging its Africa network to facilitate trade across Africa.
This led to the introduction of AFRITRADE, an innovative product offering that facilitates trade in 19 African countries.
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 bank 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 availed drafts, bills for collection, export proceed collection or simple documentary cross boarder funds transfers.
Daily Express gathered 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 a major problem, as far as Ghana cedi is concerned.
Both exporters and importers at the two ends of the UBA subsidiaries involved make/receive payments in their respective local currencies.

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