[Photo/businessdaily]
Africans trading with China will no longer have to carry hard currency for conversion into the Chinese unit, the renminbi, after Beijing-based UnionPay International signed a pact for Standard Bank to access UnionPay’s cards in multiple markets.
Standard Bank, Africa’s largest bank that operates in Kenya as CFC Stanbic Bank , is represented in many continental countries.
“African entrepreneurs and importers of Chinese goods and services have, traditionally, had to travel to China carrying foreign currency in cash for conversion into renminbi,” said George Lo, head of pan-Africa China Banking at Standard Bank.
But going forward, he said, Standard Bank cards or online transaction solutions will provide access to all UnionPay-enabled platforms in China, enabling African traders to buy goods directly from suppliers throughout China using the card.