Analysts say no signal economy in today’s world can do without China, while others see the Asian country as the world’s incoming super power. Internet penetration is still a challenge in Africa and the use of latest innovations such as E-Banking or E-Commerce is expected to enhance Africa’s development.

Standard Chartered has stated that it will provide China Unionpay cardholders in 20 different countries and territories worldwide with its ATM services scattered around the world. In Africa, the new service is currently available in Kenya, Zambia, Gambia, Uganda and Botswana and would be rolled out in other African markets later this year.

China Unionpay cardholders will now be able to withdraw cash and perform account inquiries at over 2,000 Standard Chartered Bank ATMs across Africa, Asia and the Middle East.

Standard Chartered Bank Zambia Plc Managing Director, Mizinga Melu, said: “We are very excited about our partnership with China Unionpay and the greatly enhanced service and convenience it offers to both Standard Chartered customers and China Unionpay cardholders worldwide.”

According to the bank’s website, the latest deal by Standard Chartered Bank and the Chinese firm is yet another demonstration of the importance the Bank is affixing to the growing Africa-China trade corridor.

Standard Chartered Bank remains bullish on the long-term growth of Chinese trade and investment in Africa; with the trade corridor worth over $80billion in 2009. Standard Chartered’s strategic cooperation with China Unionpay will provide enhanced payment convenience to all China Unionpay cardholders travelling in Africa. Cardholders will be able to withdraw cash in the local currency of the country that they are currently in, with the amount debited to their Chinese Renminbi account, using a very competitive exchange rate.

In recent years, the number of outbound Chinese tourists travelling to Africa and elsewhere has been increasing commensurate with the growth of China’s international economic and trading relationships with the rest of the world. In 2008, outbound tourist numbers exceeded 45 million, an increase of nearly 12% on 2007.

Further commenting on the growth of the Africa-China trade corridor, Head of Consumer Banking in Zambia, Ralph Watungwa said, “We see the China- Africa relationship as a mutually-beneficial economic partnership. The Bank has deep, local knowledge of both Africa and China, and will continue to provide the necessary financial tools to Chinese companies doing business in Africa –assisting sustainable economic development in both regions. Our recent alliance with China Unionpay is an important part of this strategy.”