The services were provided by the China-Africa cross-border RMB center under the Hunan branch of the Industrial and Commercial Bank of China, with the close collaboration of the Standard Bank's Kenyan office.
The remittance was initiated by Kilimall, a major e-commerce platform in East Africa and owned by an information technology company based in Changsha, capital of Hunan.
After communication with banks on both sides, the company decided on the scheme of remitting its incomes in Kenya in the original currency of shillings back to China and settling the exchange.
Liao Zhengrong, brand director of Kilimall, said the China-Africa cross-border RMB center has facilitated settlement and provided favorable exchange rates for enterprises.
As a major achievement of the first China-Africa Economic and Trade Expo, the China-Africa cross-border RMB center was established in July 2020 to meet the financial needs of African countries.
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