Ecobank Group, the pan-African banking group led by chief executive Jeremy Awori, has signed a memorandum of understanding with China’s Cross-Border Interbank Payment System (CIPS) to strengthen renminbi payment connectivity between China and Africa.

The agreement was signed in the presence of Togo’s Minister of Finance and Budget during President Faure Essozimna Gnassingbé’s official visit to China, coming exactly 102 days after Standard Bank became Africa’s first authorised renminbi clearing bank and underscoring the growing push to deepen financial and economic ties between China and Africa.

The partnership aims to simplify cross-border settlements, expand access to renminbi payment channels and improve transaction efficiency for businesses operating along the China-Africa trade corridor.

Ecobank positions for growing China-Africa trade

China remains Africa’s largest trading partner, with bilateral trade reaching approximately $348 billion in 2025. Rising commercial activity has increased demand for efficient payment infrastructure, trade finance and settlement services.

Awori said the agreement would connect China’s renminbi payment ecosystem with Ecobank’s banking network across 34 African markets, helping importers, exporters and other businesses conduct cross-border transactions more efficiently.

Standard Bank moves ahead in yuan clearing

Ecobank’s agreement follows Standard Bank Group’s push into Africa-China payment infrastructure. The South African lender became the first African bank to connect to CIPS in November 2025.

In July 2026, Standard Bank secured authorisation from the People’s Bank of China to clear yuan transactions across 19 African markets through its partnership with Industrial and Commercial Bank of China.

The arrangement is designed to streamline payments, reduce reliance on dollar intermediaries and lower transaction costs for businesses trading between Africa and China.

Beijing office strengthens Ecobank’s China ties

Ecobank, which has maintained a presence in China since 2012, recently inaugurated new office premises in Beijing to strengthen relationships with Chinese companies, financial institutions and investors.

The office connects Chinese businesses with the group’s pan-African banking network, supported by Chinese Desks across West, Central and East Africa. These units provide services spanning trade finance, payments, cash management and cross-border investment.

The CIPS agreement aligns with Ecobank’s Growth, Transformation and Returns strategy, which identifies the China-Africa corridor as a growth opportunity.

Partnerships expand cross-border payment services

The agreement builds on Ecobank’s existing collaborations with Bank of China (Mauritius) and payment platforms XTransfer, YeePay and WorldFirst.

Ecobank operates across 34 sub-Saharan African countries, with additional international locations including France, the United Kingdom, the United Arab Emirates and China. The group employs more than 14,000 people and serves over 32 million customers across consumer, commercial, corporate and investment banking.

As competition to facilitate China-Africa trade intensifies, Ecobank is leveraging its regional reach and international partnerships to expand payment connectivity and capture opportunities in cross-border commerce.