XTransfer, the world’s leading and China’s top B2B cross-border trade payment platform, has signed a landmark MoU with Ecobank Group, a leading pan-African financial services provider.

This partnership aims to enhance cross-border financial services for Africa’s small and medium-sized enterprises (SMEs) engaged in foreign trade, facilitating trade between China and African countries.

China-Africa trade has expanded rapidly, with bilateral trade reaching a record US$282 billion in 2023.

Between January and November 2024, China’s exports to Africa totaled $160 billion, a 1.4% increase from the previous year, while imports from Africa rose by 6.6% to $107 billion.

Despite this growth, African SMEs face major challenges in cross-border payments, including difficulties opening bank accounts, frozen funds, foreign exchange issues, long remittance times, and high costs.

The partnership between XTransfer and Ecobank will provide tailored solutions to address these issues.

XTransfer will utilise Ecobank’s vast African network to enable Chinese clients to collect funds in local African currencies while helping African SMEs make payments in their local currencies, reducing foreign exchange risks.

Bill Deng, Founder and CEO of XTransfer, expressed enthusiasm about the collaboration.

“This is a major milestone for XTransfer, strengthening our global payment capabilities. Ecobank’s extensive network will accelerate our expansion in Africa.

"We look forward to the synergies and opportunities this partnership will create. Together, we will drive innovation and improve financial accessibility for African SMEs.”

Jeremy Awori, CEO of Ecobank Group, highlighted the importance of the partnership.

“We are proud to work with XTransfer to enhance seamless cross-border payments between Africa and China.

"This aligns with our strategy, which includes a China representative office and a dedicated China desk.

"By integrating XTransfer’s advanced solutions with our pan-African payment platform, we simplify transactions, reduce costs, and support African businesses in global trade.”

Beyond boosting China-Africa trade, the partnership will streamline transactions between African businesses and their global partners, lowering trade costs and improving the competitiveness of African SMEs.

This initiative aligns with Ecobank’s mission to drive financial integration and cross-border trade, a key pillar of Africa’s economic growth.

By reducing trade barriers and enhancing financial services, Ecobank and XTransfer are empowering African SMEs to succeed in international markets and contribute to sustainable development across the continent.