NAIROBI, Dec.17 (Xinhua)-- Kenya foreign exchange (forex) dealer industry is considering entering into a partnership with Chinese financial technology (fintech) firms in order to boost revenues, an official said on Tuesday.
Mohamed Nur Ali, chief executive officer of the Kenya Forex and Remittance Association (KFRA) told Xinhua in Nairobi that the growing level of Sino-Kenya trade has created huge demand for the transfer of foreign exchange between China and Kenya.
"We are seeking partnerships with Chinese mobile payment platforms in order to lower the cost of settlement of transaction costs of imports and exports between China and Kenya in order to boost our revenues," Ali said during the sixth Kenya Diaspora Homecoming Convention.
The three-day event brought together Kenyan Diaspora community to review ways to enhance their role in national development.
Ali said that currently, most Kenyan traders seeking to pay for supplies from China need to convert local currency into the U.S. dollar which is sent to the Asian nation.
"With an agreement with Chinese fintechs, our clients will be able to pay directly for Chinese goods using local currency. This will reduce the cost of cross-border transactions which will in turn spur more Sino-Kenya trade," he added.
According to the forex industry, Chinese yuan can no longer be ignored due to the growing influence of China in global trade.
"The Chinese currency is also gaining popularity in Kenya due to the growing number of the Chinese community and visitors in the country," he added.
