(Xinhua) -- Kenya-based regional financial institution
Equity Bank and Singapore-based online payment company Red Dot
Payment on Wednesday signed a Memorandum of Understanding (MoU) to
introduce Alipay and WeChat Pay to the East African market.
Jack Ngare, Managing Director of
Equity Bank subsidiary Finserve, told journalists in Nairobi that
following the agreement East Africans will be able to use WeChat Pay
and Alipay to purchase goods and services in local currency.
“We hope to roll out the Chinese
mobile payment service in East Africa by the end of July,” Ngare
said during the trade forum for the Singapore Business Mission to
Under the agreement, the Alipay and
WeChat Pay will be connected to the Equity Bank payment gateway.
Equity Bank is one of the largest
regional banks in East Africa with presence in Kenya, Uganda,
Tanzania, Democratic Republic of the Congo, South Sudan and Rwanda.
The regional bank said it currently
controls about 60 percent of e-commerce transactions in the East
Ngare said mobile payment solutions
will provide a convenient platform to the growing Chinese community
in Eastern Africa as well as Kenyans who conduct business with the
Ngare said once fully operational, the
Chinese payment platforms will likely revolutionize commercial ties
between China and the East African region.
“Chinese tourists will be able pay for
various hospitality services using Alipay and WeChat Pay,” he said,
noting that East African traders will be able to purchase goods from
China using the Chinese mobile payments.
Ngare said that Alipay and WeChat Pay
are expected to perform well in East Africa as the region is already
familiar with mobile payment platforms.
Randy Tan, Founder of Red Dot Payment,
said that Equity Bank is an ideal partner due to its extensive
network in East Africa.
Tan said that its payment solutions
will enable East Africans to benefit from the modern financial
technology solutions from China.