5 February 2013

Tanzania: Ecobank Vows to Support Trade With China

ECOBANK is geared to reduce costs of doing business between Tanzania and China, by providing affordable, convenient financial solutions and trading in Chinese currency, the bank said during the ushering in of the new Dragon year.

The bank held a one-day exhibition at Mnazi Mmoja grounds to showcase its products where it brought together traders and the bank's staff. The Ecobank Tanzania Managing Director, Mr Enoch Osei-Safo, said they were keen on providing affordable and convenient financial solutions for the growing trade relationships between Tanzania and China.

"With over 868 billion US dollars (about 1.4tri/-) in Chinese investment in Tanzania in the last decade, Ecobank seeks to fill the gap in providing targeted financial solutions to support this trend" Mr Osei-Safo said on Monday. The Director said many Tanzanian business persons were going to China every month and there was a huge increase in import and export activities between the two countries.

"ÉThat is why Ecobank is innovating faster and offering more affordable financial solutions to these businesses," he said during the exhibitions. The bank said it would start trading in the Chinese currency in the next quarter, a move expected to enable businesspersons to save millions in purchasing Yuan Renminbi (RMB) directly from Tanzania.

"We simply cannot ignore the impact that trade with China is having on Africa, with Africa being the biggest trading partner, which translated into over 200 billion US dollars last year in imports," he said. Last year five per cent of all African exports going into China, financial inclusion to support this growing sector were critical, that is why the Ecobank Group is committed to supporting this trade.

On Sunday Ecobank, the leading pan African Bank across 33 countries, participated in the Chinese New year celebrations where it demonstrated its commitment to supporting the business community conducting trade between Tanzania and China. Ecobank wants in the second quarter to be a one-stop-shop in providing trade solutions between the two countries by providing direct currency trading of the RMB and the shilling as well as offering instant import duty payment to TRA.

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