Chinese multi-purpose messaging, social media and mobile payment company, Wechat and Pan-African payment company Wapi Pay has inked deal to connect 24 African countries to China in the next two years to provide seamless digital finance services across the two regions.
Executive Director, Wapi Pay, Paul Ndichu said that the plans is to accelerate uptake of Wechat Pay and Alipay in the African continent to boost Sino-Africa trade.
“Our fintech solutions that took four years to develop will reduce cost of making payments between Africa and China by 70 percent and take only 30 seconds as compared to bank transfers that take more than three days”
“We thus enable even small-scale traders to make payments to Chinese merchants at an affordable rate,” he added.
Wapi Pay’s fintech solutions are currently business-to-business solutions and the firm is exploring options of enable peer-to-peer payments.