Pan-African lender Ecobank has signed an agreement with China’s Cross-Border Interbank Payment System (CIPS) to facilitate payments in Chinese yuan between China and Africa, as businesses seek more efficient ways to settle trade transactions.
The memorandum of understanding was signed in Beijing on October 10 and is intended to strengthen payment links between China’s financial system and Ecobank’s banking network across 34 African markets, the bank said.
The partnership aims to simplify yuan payments, reduce settlement complexity and expand access to cross-border payment channels for African importers, exporters and companies doing business with Chinese partners.
CIPS, China’s international payment and clearing system for the renminbi, connects more than 5,000 banks across over 100 countries and territories, according to Ecobank Chief Executive Jeremy Awori, who spoke to Reuters ahead of the signing.
For African businesses importing goods from China, paying directly in yuan could reduce the need for multiple currency conversions, which can add transaction costs and expose companies to exchange-rate fluctuations. However, the actual savings will depend on foreign-exchange rates, bank fees and access to yuan liquidity.
China is Africa’s largest trading partner, with bilateral trade reaching approximately $348 billion in 2025, according to Ecobank. As commercial ties deepen, banks are investing in payment infrastructure to support transactions between the two markets.
Ecobank, headquartered in Lomé, Togo, has maintained a presence in China since 2012. The group has also inaugurated new offices in Beijing to strengthen its links with Chinese companies, financial institutions and investors seeking opportunities across Africa.
The agreement comes as other African lenders expand their use of Chinese payment infrastructure. South Africa’s Standard Bank and Rwanda’s Bank of Kigali have also moved to connect to CIPS as demand for yuan-denominated transactions grows.
Ecobank has not yet announced a detailed rollout schedule or country-by-country access arrangements for the new service. The agreement therefore marks a step towards expanding yuan payment options, rather than confirmation that the service is already available to all its customers across Africa.