Ecobank eases Sino-Tanzania transactions

Dar es Salaam. Businesspeople, banking with Ecobank Tanzania Limited (ETZ), will now be able to transact directly with their Chinese counterparts without the involvement of a third party, thanks to a new initiative launched in Dar es Salaam earlier this week.

The bank, a subsidiary of Ecobank Transnational Incorporated has launched its ‘China Direct’ initiative which seeks to facilitate trading and investing directly using China Currency (RMB) through Ecobank, thus reducing the possibility of exchange risks.

At the event, which was also attended by Chinese businesses including clients for ETZ and Bank of China (Zambia), the Tanzanian financial entity also announced its strategic partnership with the Zambia outfit.

The partnership, according to ETZ managing director, Enoch Osei-Safo, which will allow the latter to leverage Ecobank Group’s platform to service the needs of its customers and clients doing business in Tanzania and the wider EAC and SADC regions.

“Our end-to-end platform across the Sino-Tanzanian corridor is unique in the sense that we don’t rely on a third party as we are on the ground in China. This one-stop shop arrangement is cost-effective and provides convenience for our customers,” said Mr Osei-Safo at the event that was graced by the Chief Representative of the Economic and Commercial Representation of the People’s Republic of China in Tanzania, Mr Lin Zhiyong.

Trade between Tanzania and China hit $2.5 billion in 2012 while investments approached $1 billion in 2013.