According to the partners, this initiative will significantly improve SME competitiveness by providing efficient cross-border financial services that promote economic expansion and participation in global markets.
African SMEs often face challenges such as high transaction costs, currency exchange issues, and lengthy remittance times when dealing with international trade. The partnership between XTransfer and Ecobank seeks to address these hurdles by offering efficient cross-border payment solutions.
XTransfer will utilise Ecobank’s vast network across Africa, enabling its clients to collect funds in local currencies and assist African SMEs in making payments in their local currencies, thereby mitigating foreign exchange concerns.