Ecobank to simplify Dar-Beijing trading

Visitors receive info at Ecobank pavilion

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

The bank held a one-day exhibition at Mnazi Mmoja grounds to showcase its products to the ‘wananchi’ that bring together traders and the bank’s staff.

Ecobank Tanzania Managing Director Mr Enoch Osei-Safo said they are keen on providing affordable and convenient financial solutions for the growing trade relationships between Tanzania and China.

“With over 868 billion US dollars 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 yesterday.

The Director attributed their endeavors to more and more Tanzanian businessmen are going to China every month and there was a huge increase in import and export activities between the two countries.

“…That is why Ecobank is innovating faster and more affordable financial solutions to these businesses,” he said during the exhibitions.

The bank said it will start trading in the Chinese currency in the next quarter a move that would enable businesspersons to save millions in purchasing Yuan Renminbi (RMB) directly from Tanzania using shilling.

"We simply cannot ignore the impact that trade with China is having on Africa, with Africa being the biggest trading partner, which translates into over 200 billion US dollars last year in imports,” he said.

In 2012, 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, participating at 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.

Source: Tanzania exchange, www.tzexchange.blogspot.com, reported from Dar es Salaam

Share on Google Plus

About Unknown

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.