HONG KONG SAR – Media OutReach Newswire – 6 February 2025 – XTransfer, a leading B2B cross-border trade payment platform, and Ecobank Group, a prominent private pan-African financial services provider, have entered into a significant partnership to offer comprehensive financial services for Africa’s small and medium-sized enterprises (SMEs) engaged in international trade. The partnership aims to ease trade between China and Africa by addressing key challenges related to cross-border payments.
In 2023, trade between China and Africa hit an all-time high, reaching $282 billion. However, African SMEs often face difficulties in making and receiving payments across borders, including issues with traditional banks, high remittance fees, foreign exchange hurdles, and lengthy transfer times. The XTransfer-Ecobank collaboration seeks to tackle these problems by providing seamless payment solutions.
XTransfer will utilize Ecobank’s vast network across Africa to help Chinese businesses receive payments in local African currencies, while also supporting African SMEs in making payments in their own currencies. This will help mitigate foreign exchange challenges and enhance the ease of doing business across borders.
Bill Deng, Founder and CEO of XTransfer, expressed excitement about the partnership, highlighting the potential to expand XTransfer’s presence in Africa and foster greater collaboration. “This partnership is a milestone for XTransfer, enhancing our global payment capabilities. We look forward to driving innovation in cross-border payments and making financial services more accessible for African SMEs,” he said.
Jeremy Awori, CEO of Ecobank Group, emphasized the strategic importance of the collaboration, stating, “Our partnership with XTransfer supports our goal to simplify payments, reduce transaction costs, and boost the global competitiveness of African businesses.”
Together, the two companies aim to streamline cross-border financial transactions, making it easier and more cost-effective for African SMEs to engage in global trade.
