Ecobank Facilitates Tanzania to China Trade

Ecobank Tanzania, an affiliate of the Ecobank Group, organized a forum for business people in Kariakoo – Dar es Salaam’s main marketplace – to sensitize them about the bank’s capability in trading and executing payments in RMB (Chinese Yuan), to sustain the growing volume of Tanzania-to-China trade.

Ecobank-tanzaniaIn April 2013, Ecobank Tanzania launched its China desk in Dar es Salaam, dedicated to supporting trade and investment activities with China. This made it the only bank in Tanzania with an office represented in China.

Through this platform, the bank now offers value-added advisory services to both Chinese and Tanzanian businesses, hitherto hampered by language and cultural barriers, through back-to-back support from Ecobank offices in both countries.

This initiative is an integral part of the Group’s China strategy to promote and increase Africa’s capacity to take advantage of trade and investment opportunities on the China-Africa axis.

The forum offered a platform for Tanzanian business people to understand the dynamics of importing from China and how to leverage the Ecobank China Desk to overcome challenges and nuances.

“Our Msimbazi branch offers a convenient location within Kariakoo for businesses to access trade finance solutions as well as the execution of RMB payments in China,” says Mr. Erick Mushi, the head of Treasury at Ecobank Tanzania.

Although it is two years since the full internationalization of the RMB as a trade settlement currency, only a handful of banks have seen the Sino-Tanzanian light, which is glowing with new intensity since the recent historic visit of the Chinese President, Xi Jinping.

Within such framework, Ecobank benefits from its strategic partnership with the Bank of China for the execution of RMB payments on behalf of its clientele in China.

“Our focus is on providing end-to-end service delivery to our clients in a seamless manner along the Tanzania-to-China corridor.” says Enoch Osei-Safo, the Managing Director of Ecobank Tanzania.

“In keeping with our slogan Ecobank Inakuwezesha, we seek to empower Kariakoo businesses to take advantage of the increasing opportunities for Sino-Tanzanian import and export trade”.

In 2011, China was the second largest source of imports to Tanzania and in 2012, emerged as the second largest source of foreign investment to Tanzania with investments topping 1bn USD.