Kenyan bank mulls partnership with Chinese fintech firms

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Source: xinhuanet.com

Kenya’s NCBA Bank is exploring opportunities to partner with Chinese financial technology firms to enhance Sino-Africa trade. Such cooperation aims to facilitate financial transactions and settlements between eastern African countries and China.

NAIROBI, Oct. 23 (Xinhua) — Kenya’s NCBA Bank is exploring opportunities to partner with Chinese financial technology firms in order to enhance Sino-Africa trade.

John Gachora, group managing director at NCBA Bank told Xinhua in Nairobi on Tuesday that one of the focus areas of the institution is to facilitate financial transactions and settlements between the eastern African countries and China.

“We are actively looking for opportunities to partner with Chinese fintechs because some of our customers who are Chinese as well as African traders have requested us to provide them with appropriate financial solutions for international trade,” Gachora said when NCBA Bank listed new shares on the Nairobi Securities Exchange following the merger of NIC Bank and Commercial Bank of Africa into NCBA Bank.

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Early this year before the merger, NIC Bank Kenya began making locally available the Chinese yuan currency to its customers.

File photo taken on July 13, 2016 shows the various exchange rates among currencies at the headquarter of Kenya’s CFC Stanbic Bank in Nairobi, the capital city of Kenya. (Xinhua/Li Baishun)

NCBA Bank, which is the third-largest banking institution in east Africa in terms of assets, has a presence in Kenya, Uganda, Tanzania, Rwanda and Cote d’Ivoire.

Gachora said that negotiations with the Chinese firms are still at an early stage but hope they will conclude soon for the benefit of his clients. He added that China is an economic giant whose role in global commerce cannot be ignored by commercial banks.

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