XTransfer, a leading B2B cross-border trade payment platform, and Ecobank Group, a leading private pan-African financial services group with unrivalled African expertise, have signed a landmark Memorandum of Understanding of Cooperation (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, with the scale of imports and exports rising rapidly. In 2023, bilateral trade reached a record US$282 billion. From January to November 2024, China’s exports to Africa totalled US$160 billion, a 1.4% increase from the previous year, while imports from Africa reached US$107 billion, 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.
