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XTransfer, China’s leading B2B cross-border trade payment platform, has partnered strategically with Ecobank Group, a premier pan-African financial services provider, to enhance cross-border financial services for African small and medium-sized enterprises (SMEs) engaged in international trade. Through a newly signed Memorandum of Understanding (MOU), the collaboration aims to facilitate seamless trade between China and Africa by addressing financial barriers that hinder SME growth.
Trade between China and Africa has expanded significantly in recent years, with bilateral trade reaching a record $282 billion in 2023. From January to November 2024, China’s exports to Africa grew by 1.4% to $160 billion, while African imports to China surged by 6.6% to $107 billion. Despite this growth, African SMEs continue to face hurdles such as account access restrictions, foreign exchange volatility, high transaction costs, and lengthy remittance processes.
The XTransfer-Ecobank partnership seeks to provide a robust cross-border payment solution tailored for African SMEs. By leveraging Ecobank’s extensive presence across the continent, XTransfer’s Chinese clients will gain streamlined access to local African currencies, while African SMEs will benefit from simplified payments in their domestic currencies, minimizing foreign exchange challenges.
Bill Deng, Founder and CEO of XTransfer, emphasized the significance of this partnership, stating, “We are thrilled to join forces with Ecobank. This collaboration strengthens our global payment capabilities and expands our footprint in Africa. By integrating with Ecobank’s vast payment network, we will create innovative financial solutions that empower African SMEs and enhance trade efficiency.”
Jeremy Awori, CEO of Ecobank Group, highlighted the strategic nature of the partnership, saying, “Our alliance with XTransfer reinforces our commitment to seamless cross-border payment solutions. With our China representative office and dedicated China desk, we are well-positioned to integrate XTransfer’s technology with our pan-African payment platform. This will simplify transactions, lower costs, and enable African businesses to scale in global markets.”
Beyond facilitating trade between Africa and China, this collaboration will streamline global transactions for African enterprises, enhancing their competitiveness in the international market. It aligns with Ecobank’s mission to drive financial integration across Africa, reducing trade barriers and fostering economic growth. By working with XTransfer, Ecobank is reinforcing its role as a leading player in global payments, enabling SMEs to expand their reach and contribute to Africa’s sustainable development.
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