XTransfer and Ecobank Group have signed an agreement to improve cross-border payments for African SMEs. The partnership will help businesses trade with China. It aims to make foreign payments easier and faster.
In recent years, trade between China and Africa has grown. In 2023, bilateral trade reached a record $282 billion. From January to November 2024, China’s exports to Africa totaled $160 billion. Imports from Africa increased by 6.6% to reach $107 billion.
However, African SMEs still face many challenges in foreign trade. These include difficulties in opening bank accounts and frozen funds. Other problems are foreign exchange losses, long remittance times, and high transaction costs.
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Making Trade Easier for African SMEs
The partnership will provide cross-border payment solutions for African SMEs. XTransfer will use Ecobank’s wide network to support its Chinese clients. The goal is to enable local currency transactions and solve foreign exchange issues.
Bill Deng, the founder and CEO of XTransfer, said, “We are excited about the partnership with Ecobank. This collaboration represents a significant milestone for XTransfer and greatly enhances our global payment capabilities.
:Leveraging Ecobank’s extensive payment network in Africa will accelerate our business expansion in the region. We are looking forward to the synergies and opportunities this partnership will create.
“Together, we will drive innovation and improve the financial landscape, making financial services more efficient and accessible for African SMEs.”
Jeremy Awori, CEO of Ecobank Group, said, “We are proud to partner with XTransfer to advance seamless cross-border payment solutions between Africa and China.
“This partnership builds on our established strategy, which includes a representative office in China and a dedicated China desk. By integrating XTransfer’s cutting-edge solutions with our pan-African payment platform, we simplify payments, reduce transaction costs, and enable African businesses to thrive in global trade.”
The partnership will simplify trade between China and Africa. It will also help African SMEs trade with global partners. The deal will reduce trade costs and boost African businesses.
This move aligns with Ecobank’s mission to promote financial integration. The bank aims to remove trade barriers and grow Africa’s economy. With XTransfer’s support, more African SMEs will expand in global markets.