Mozambique bank, Millennium bim, and Chinese financial institution, UnionPay, signed an agreement in Beijing on September 2 that will see the bank making UnionPay cards and related services available in the country, further removing barriers for Chinese visitors.
The agreement was met during a meeting organised by the Agency for the Promotion of Investment and Exports (APIEX), the Confederation of Economic Associations (CTA) and the embassy of Mozambique in China. The meeting of Mozambican and Chinese entrepreneurs was held within the framework of the China-Africa summit, which was attended by Filipe Jacinto Nyusi, President of the Republic of Mozambique.
Talking on the recent agreement between the two companies, Kwakye Donkor, CEO of Africa Tourism Partners (ATP) says: “It is a case of removing barriers for Chinese tourists.”
According to Donkor, the recently signed agreement will help Mozambique in terms of exposure, further positioning itself as an ideal tourist destination for this key source market, adding: “When the Chinese visit, they prefer a card system they are familiar with, such as UnionPay. This way, it will make it easier for them (Chinese) to travel.”
Millennium bim’s Moisés Jorge comments: “This is a very important agreement for the bank because it allows access to a strategic market for Mozambique, which has huge growth. It is also the first step in a partnership between Millennium bim and UnionPay, which will undoubtedly have enormous benefits for our customers.”
The agreement will boost Chinese tourist arrivals indirectly, mentions Donkor, who says UnionPay is a reputable financial institution and is one of the most effective providers in the world.
Donkor says if Chinese travellers see UnionPay in the country, they instantly feel more comfortable and at home in case something might go wrong.
The Memorandum of Understanding (MoU) established between the two companies also creates a long-term relationship between the two financial institutions, as UnionPay is granted access to Millennium bim customers.
Founded in 2002 and headquartered in Shanghai, China, UnionPay manages more than five billion cards in more than 150 countries, and is currently the world’s leading payment provider.
Millennium bim is currently the largest financial institution in Mozambique, with 1.8 million customers.
