XTransfer, China’s leading B2B cross-border trade payment platform, has signed a landmark Memorandum of Understanding (MOU) with Ecobank Group, a leading pan-African financial services provider, to enhance financial services for Africa’s small and medium-sized enterprises (SMEs) involved in foreign trade
This collaboration aims to facilitate trade between China and African nations.
In recent years, trade between China and Africa has expanded significantly, with imports and exports growing at a rapid pace. In 2023, bilateral trade reached a record US$282 billion. From January to November 2024, China’s exports to Africa amounted to US$160bn, marking a 1.4% increase from the previous year, while imports from Africa reached US$107bn, reflecting a 6.6% rise.
Redefining trade boundaries
Despite this growth, African SMEs engaged in international trade face several hurdles in cross-border payments and fund collection. These include difficulties in opening bank accounts, the risk of frozen funds, foreign exchange complications and related losses, high remittance costs, and slow transaction processing times.
Through this partnership, XTransfer and Ecobank Group will collaborate to provide efficient cross-border payment solutions tailored for African SMEs. XTransfer will leverage Ecobank’s extensive African network, enabling its Chinese clients to receive payments in local African currencies while supporting African SMEs in making payments in their respective currencies to mitigate foreign exchange challenges.
Bill Deng, Founder and CEO of XTransfer, stated, "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, added, "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.”
Beyond facilitating trade between SMEs in China and Africa, the collaboration will streamline foreign trade transactions between African businesses and their global partners. Ultimately, this will lower the costs associated with international trade and enhance the competitiveness of African SMEs in global markets.
This partnership aligns with Ecobank’s vision of driving financial integration by enabling seamless cross-border trade, which remains a vital component of Africa’s economic growth. By joining forces with XTransfer, Ecobank reinforces its role in the global payments industry, reducing trade barriers, empowering African SMEs, and fostering sustainable economic development across the continent.
XTransfer and Ecobank partner for seamless cross-border payments
XTransfer and Ecobank Group will collaborate to provide efficient cross-border payment solutions tailored for African SMEs. (Image source: Adobe Stock)
