Bank of China enters partnership with dfcu bank
The Bank of China has entered into a partnership with dfcu bank in Uganda.The Bank of China has entered into a partnership with dfcu bank - a commercial financial services provider - in Uganda.
This is the first time the organisation has made inroads into the East African financial services market.
It is hoped this will help to stimulate trade between China and Uganda and improve processes related to cross-border transactions, the Observer reports.
Juma Kisaame, managing director of dfcu, believes this is good news for those Ugandan businesses with "trade interests in China", as "a lot of time and money has been lost" in complex overseas transactions in the past.
"Customers can now pay for goods imported from China directly and will avoid exchange rate losses," he commented.
Mr Kisaame described the group's partnership with Bank of China as an exciting development, as it means both firms are in a better position to facilitate capital flows and trade between Uganda and China.
The dfcu is one of the fastest growing banks in the region with an asset base of UGX 954 billion (€272 million), representing about seven percent of all bank assets in Uganda, according to the bank's December 2011 Annual Report.