Ecobank, the pan-African banking group led by chief executive Jeremy Awori, is preparing to join China’s Cross-Border Interbank Payment System (CIPS), as African lenders seek to capitalise on growing trade and investment ties between China and the continent.

Jeremy Awori said that Ecobank would sign an agreement in China on Saturday, strengthening connections between Chinese yuan payment infrastructure and the lender’s banking and payments network across Africa.

CIPS connects more than 5,000 banks in over 100 countries and territories, according to Awori, offering businesses trading with China more direct settlement options.

Ecobank expands yuan settlement ambitions

Ecobank, which operates in 34 African countries, is also in discussions with Bank of China to jointly provide yuan settlement services, with an announcement expected soon, Awori said. The proposed partnership would complement its CIPS participation and other initiatives aimed at facilitating cross-border payments and reducing friction in Africa-China trade.

Although the US dollar remains dominant in international trade and foreign exchange reserves, demand for settling transactions directly in yuan has increased as commercial relationships with China deepen and Beijing promotes wider international use of its currency.

China-Africa trade increased nearly 18% in 2025, according to Chinese customs data. Beijing also removed tariffs on imports from 53 African countries from May 1, supporting efforts to deepen economic ties.

Standard Bank advances Africa’s yuan payment infrastructure

Ecobank’s planned move follows developments at Standard Bank Group, which became the first African lender to connect to CIPS in November 2025.

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

The arrangement is designed to streamline cross-border payments, reduce reliance on dollar intermediaries and lower transaction costs for businesses operating along the Africa-China trade corridor.

Yuan adoption rises amid dollar constraints
By July 29, Standard Bank had processed more than $1.2 billion in yuan payments through CIPS, according to the information provided.

Other African lenders are also pursuing access to the Chinese payments network. Rwanda’s Bank of Kigali has joined CIPS, while Angola’s Banco de Fomento Angola is planning to participate.

As African banks expand yuan settlement capabilities, Ecobank’s proposed participation could strengthen payment links across its extensive continental network, giving businesses additional options for settling transactions with Chinese suppliers and partners.