Ecobanks national Incorporated Group has joined forces with XTransfer to make international trade easier for African small and medium businesses (SMES). The timing, considered very efficient as trade between China and Africa now hits $282 billion.
Ecobank’s massive network across Africa, however, now brings pride for african businesses that have been struggling with challenges of trading internationally like setting up bank accounts, dealing with frozen funds and paying way too much in fees.
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This is attributed to the fact that it’s connection to Chinese companies can now enable those international companies to receive payments in local African currencies, while African businesses can pay in their own currency, taking the headache out of exchange rates.
This team-up is a big deal for small businesses in Africa. By combining XTransfer’s tech with Ecobank’s
payment system across the continent, they’re making it cheaper and easier for African companies to trade globally. It’s the kind of boost that could really help Africa’s economy