Through its new product, BFX, AZA now offers businesses and individuals a faster, more cost-effective way to send or receive payments between Africa and China.
China-Africa trade increased to more than $170 billion in 2013, according to the World Bank. However, the cost of sending payments from Africa to China remains high, often taking days to settle on the other end. Using BFX’s digital platform, businesses can now send instant payments in local currency directly from African bank accounts to Chinese bank accounts. BFX offers low-cost, instant payments from Nigerian Naira and Ugandan Shillings directly into the Chinese Yuan. Businesses can now make easy payments for employees, distributors, or suppliers without using cash or the US dollar as a middle currency.
Elizabeth Rossiello, CEO at AZA explains, “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.”
BFX has experienced a rise in transaction activity, particularly with global importers and exporters. African importers use BFX for secure payout to their Chinese suppliers. At the same time, Chinese exporters have recommended the platform to African purchasers because of the built-in settlement automation.
Afro-Sino trade continues to grow at a rapid pace. “BFX’s digital platform was built as an infrastructure solution to meet this growing demand in this important corridor,” adds Rossiello. “It is essential that African and Chinese businesses can connect directly, without first sending their payments through a middle currency.”
BFX’s digital platform currently offers payments to, from, and within Nigeria, Kenya, Uganda, Tanzania, and the Democratic Republic of Congo. Going forward, the company will continue to open up major payment corridors to better serve the growing number of people doing business in Africa.
Get started today by registering for a free account at platform.tradebfx.com/.