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Ecobank, CIPS partner to strengthen China-Africa payment systems
Ecobank Group has signed a memorandum of understanding with the Cross-Border Interbank Payment System (CIPS) to strengthen Chinese yuan payment connectivity between China and Africa. According to a statement issued on Friday, the partnership is expected to simplify yuan payments, reduce settlement complexities and improve…
Picture: Zambia Monitor
Ecobank Group has signed a memorandum of understanding with the Cross-Border Interbank Payment System (CIPS) to strengthen Chinese yuan payment connectivity between China and Africa.
According to a statement issued on Friday, the partnership is expected to simplify yuan payments, reduce settlement complexities and improve access to cross-border payment channels for businesses trading between the two regions.
The agreement was signed on the sidelines of an official visit to China by Togo President Faure Essozimna Gnassingbé, in the presence of the country’s Minister of Finance and Budget.
Ecobank Group Chief Executive Officer, Jeremy Awori, said the partnership would strengthen connections between China’s yuan payment system and the bank’s network across 34 African markets.
“China-Africa trade has evolved into one of the world’s most dynamic economic corridors. As trade relationships deepen and investment flows increase, supporting financial infrastructure must evolve accordingly,” Awori said.
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He said the agreement would help importers, exporters and other businesses operate more efficiently along the China-Africa trade corridor.
Awori added that the partnership aimed to make African markets more accessible to Chinese businesses while enabling African companies to engage more effectively with Chinese markets.
According to the statement, China remained Africa’s largest trading partner, with bilateral trade reaching approximately US$348 billion in 2025.
Ecobank has maintained a presence in China since 2012 and recently inaugurated new office premises in Beijing to strengthen engagement with Chinese companies, financial institutions and investors.
The bank also operates dedicated Chinese desks across West, Central and East Africa, providing services such as trade finance, payments, cash management and cross-border investment support.
The CIPS partnership forms part of Ecobank’s Growth, Transformation and Returns strategy and builds on its existing collaborations with Bank of China (Mauritius) and cross-border payment platforms XTransfer, YeePay and WorldFirst.
The agreement comes as businesses seek more efficient payment and settlement systems to support growing trade and investment between China and African countries.
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