XTransfer, China’s B2B cross-border trade payment platform, and Ecobank Group, have signed a landmark MOU to roll out comprehensive cross-border financial services to Africa’s SMEs engaged in foreign trade. The collaboration will facilitate trade between China and African countries.

In recent years, China and Africa have continued to deepen trade cooperation. In 2023, bilateral trade reached a record $282bn. From January to November 2024, China’s exports to Africa totalled $160bn, a 1.4% increase from the previous year, while imports from Africa reached $107bn, marking a substantial rise of 6.6%

Despite this growth, African SMEs engaged in foreign trade face numerous challenges related to cross- border payments and fund collections.

The partnership between XTransfer and Ecobank Group will 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.

Jeremy Awori, CEO of Ecobank Group, said: “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.”

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