Ecobank Tanzania Introduces Products To Promote Trade With China

On 03 February 2013 in conjunction with the Chinese New year celebrations in Dar es Salaam, Ecobank Tanzania introduced new products to promote Sino-Tanzanian Trade.

Ecobank showcased the products that aid the financial logistics of foreign investment and trade in Tanzania. This initiative is beneficial to both Tanzanian businessmen and Chinese investors who participate in import and export activity between Tanzania and China.

Ecobank Tanzania also now offers along with its various state-of-the-art services, Chinese currency – Remninbi – trading as well as a platform for the payment of related trade bills.

Within the next quarter, Ecobank Tanzania aims to be a one-stop outlet for providing innovative trade solutions for Sino-Tanzanian Trade. This is done by bundling of Remnimbi conversion and the settlement of payments in China in a safe and secure manner.

Furthermore, Ecobank’s clients will have the added benefit of paying their import duties to the Tanzania Revenue Authority (TRA) through the Asybank platform available across all its branches in Tanzania.

“We are keen on providing affordable and convenient financial solutions for the growing trade relations between Tanzania and China. With China investing over $868 Billion in Tanzania in the last decade, Ecobank seeks to fill the gap in providing targeted financial solutions to support this trend” says Mr Enoch Osei-Safo, Managing Director Ecobank Tanzania.

He added “We simply cannot ignore the impact that trade with China is having on Africa. With Africa being the largest trading partner with China, this translates into $200 billion imports in 2012 and 5% of all African exports going into China. Financial inclusion to support this growing sector is critical. The Ecobank Group is committed to bringing tailored trade financial products into the African market. This will support the growing trend and allow Africa to be competitive with the rest of the world”.

Ecobank Tanzania is part of the Ecobank group, the leading independent regional banking group in West and Central Africa with operations in 33 countries across the continent.