A strategic cooperation memorandum was signed by China-Africa E-commerce Co Ltd and the First Bank of Nigeria, to promote China-Africa international trade and cross-border payment at the China-Africa CEO High-level Dialogue on Sept. 4.

According to the memorandum, both sides, under the principle of friendly consultation, pragmatic cooperation and mutual benefit, will work to better serve Chinese and African import and export enterprises through in-depth cooperation in such aspects as cross-border payment, brand promotion, supply chain finance and overseas investment.

Africa’s value of international trade with China grows by double digits every year, and its population is similar to that of China, indicating the prospects of the cross-border e-commerce market, said Hou Zhigang, chairman of the board with the Chinese company.

The Chinese company has already established the first China-Africa cross-border e-commerce platform, CA-B2B.COM, which was officially launched in June of this year.

The First Bank of Nigeria, as Nigeria’s premier commercial bank and most valuable banking brand, has over 750 business locations across Africa and the UK.