Ant International’s WorldFirst, an all-in-one digital cross-border payment and treasury account service for global businesses, has announced a strategic partnership with Ecobank Group, a leading pan-African banking conglomerate.
The collaboration aims to address the challenges faced by African small and medium-sized enterprises (SMEs) and entrepreneurs in navigating cross-border trade, unlocking new opportunities for business growth.
Ant International is a leading global digital payment, digitisation and financial technology provider, delivering trusted technology infrastructure that enables inclusive digital finance and cross-border commerce.
The partnership builds on the growing momentum around Africa’s role in global trade.
According to the 2024 Economic Development in Africa Report by UN Trade and Development (UNCTAD), the full implementation of the African Continental Free Trade Area (AfCFTA) could create a $3.4 trillion single market. SMEs, responsible for 80% of employment across the continent, are poised to lead this transformation.
Already, 46% of African firms are expanding their supplier base globally, highlighting the growing demand for accessible, frictionless and affordable cross-border financing and payments. To harness this potential, strategic trade diversification as well as financial innovation will be essential.
Impact of WorldFirst-Ecobank partnership
The collaboration with Ant International will leverage Ecobank’s extensive pan-African financial network and WorldFirst’s innovative payment technology to deliver comprehensive, streamlined cross-border financial solutions tailored to African SMEs engaged in both intra-African and international trade.
The initiative is also designed to reduce barriers in international trade by providing African SMEs and entrepreneurs with improved access to Chinese sourcing networks, while also offering buyers simplified payment solutions for transactions with suppliers worldwide. This will significantly lower trade obstacles and operational complexity, fostering smoother and more efficient cross-border commerce.
Clara Shi, vice president of Ant International and CEO of WorldFirst, stated:
“We are thrilled to partner with Ecobank Transnational Incorporated (ETI). This strategic alliance marks a key step forward in enhancing WorldFirst’s global payment network. By integrating Ecobank’s market-leading presence across Africa, we can accelerate our support for SMEs in the region. We look forward to working together to deliver more efficient, accessible, and innovative financial services to African businesses.”
Jeremy Awori, CEO of Ecobank Group, commented:
“Africa’s economic future will be defined by the success of continental trade integration. With the African Continental Free Trade Area creating a single market of 1.4 billion people, we have a unique opportunity to position Africa as the heart of global commerce and enable the continent to play a more equal role in shaping an inclusive global economy.
As Africa’s leading pan-African banking group, Ecobank is committed to enabling this transformation. Our unmatched network across over 30 countries allows us to connect African SMEs to both regional and international markets, providing the financial solutions they need to scale, compete, and succeed on the world stage. Partnering with WorldFirst is also an important step in ensuring Africa’s entrepreneurs are fully equipped to seize these opportunities.”
