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Artificial Intelligencehave signed a Memorandum of Understanding of Cooperation to provide comprehensive cross-border financial services to Africa’s small and medium-sized enterprises engaged in foreign trade.
In recent years, China and Africa have deepened their trade ties, with imports and exports quickly increasing. Bilateral trade will reach a record high of US$282 billion in 2023. From January to November 2024, China’s exports to Africa were US$160 billion, a 1.4% increase over the previous year, while imports from Africa reached US$107 billion, a significant 6.6% increase.
African SMEs in foreign trade face challenges in cross-border payments and fund collections, including difficulties opening accounts with traditional banks, high risk of frozen funds, foreign exchange losses, lengthy remittance times, and high remittance costs.“We are excited about the partnership with Ecobank. This collaboration represents a significant milestone for XTransfer and greatly enhances our global payment capabilities.
The partnership between XTransfer and Ecobank Group will foster collaboration between both parties to provide comprehensive cross-border payment solutions for African SMEs’ foreign trade. XTransfer will leverage Ecobank’s extensive network across Africa, enabling its Chinese clients to collect funds in local African currencies while assisting African SMEs in making payments in their local currencies to negate foreign exchange issues.
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