Businesses in China and Africa can now send instant payments in local currency directly from African bank accounts to Chinese bank accounts using BitPesa’s digital platform. The remittance service BitPesa offers low-cost, instant payments from Nigerian Naira and Ugandan Shillings directly into Chinese Yuan. Businesses can use this facility to make payments for employees, distributors, or suppliers without using cash or the US dollar as a medium for value exchange.
According to the World Bank, China-Africa trade increased to more than $170 billion in 2013, however, the cost of sending payments is high and can take days to settle using traditional methods. BitPesa has reported a rise in transaction activity recently, particularly with global importers and exporters. African importers use BitPesa.co for secure pay-outs to their Chinese suppliers. Similarly, Chinese exporters have recommended the platform to African purchasers, in part due to the built-in settlement automation.
Elizabeth Rossiello, CEO at BitPesa, explained: “Businesses rely on our technology to send or receive payments faster and cheaper than anywhere else. With this integration, they now have a direct way to make a payment in local currencies between China and Africa. BitPesa’s digital platform was built as an infrastructure solution to meet this growing demand in this important corridor. It is essential that African and Chinese businesses can connect directly, without first sending their payments through a middle currency.”
BitPesa’s digital platform currently offers payments to, from, and within Nigeria, Kenya, Uganda, Tanzania, and the Democratic Republic of Congo. The company is looking to continue to open up payment corridors to serve the growing number of people doing business in Africa.