XTransfer and Ecobank Partner to Enhance Cross-Border Trade for African SMEs

XTransfer, a leading B2B cross-border trade payment platform, and Ecobank Group, Africa’s premier pan-African financial services provider, have signed a strategic Memorandum of Understanding (MOU) to empower African small and medium-sized enterprises (SMEs) in foreign trade. 

This collaboration aims to streamline cross-border payment solutions, facilitating seamless transactions between African SMEs and their Chinese trade partners. 

The partnership comes at a crucial time as China-Africa trade continues to expand. In 2023, bilateral trade reached a record $282 billion, with further growth observed in 2024. However, African SMEs face significant challenges in cross-border transactions, including foreign exchange complications, high remittance costs, and lengthy fund transfer processes.

Through this partnership, XTransfer will leverage Ecobank’s extensive network across 35 African countries, enabling Chinese exporters to collect payments in local African currencies while facilitating seamless transactions for African SMEs. This will reduce foreign exchange risks and enhance financial accessibility for businesses engaging in global trade. 

Bill Deng, Founder and CEO of XTransfer, emphasized the significance of the collaboration, stating: “This partnership with Ecobank marks a key milestone in expanding our global payment capabilities. By integrating our services with Ecobank’s vast payment network, we are committed to making financial services more accessible and efficient for African SMEs.”

Jeremy Awori, CEO of Ecobank Group, echoed similar sentiments: “We are proud to partner with XTransfer to enhance cross-border payment solutions between Africa and China. This initiative aligns with our strategy of driving financial integration across the continent, reducing trade barriers, and enabling African businesses to thrive.”