Ecobank has made a decisive move to deepen its financial ties with China. On 10 October 2026, in Beijing, the pan-African banking group signed a memorandum of understanding with CIPS, China’s cross-border interbank payment system. The agreement aims to streamline renminbi — also known as yuan — settlements between African companies and their Chinese partners. The signing took place on the sidelines of the official visit to China by the president of Togo’s Council, Faure Gnassingbé, and in the presence of Togo’s minister of Finance and Budget, Essowè Georges Barcola.
A breakthrough for cross-border settlements
The deal is set to expand yuan payment and clearing capacities between the two regions, simplify cross-border transactions and improve businesses’ access to financial circuits. Ecobank, headquartered in Lomé and operating in 34 African markets, aims to better support importers, exporters and investors active along the China-Africa corridor.
Cutting through transaction bottlenecks
For companies, international payments can involve delays, fees and multiple currency conversions. Using the yuan offers an additional option to settle certain trade operations directly with China. It can reduce the complexity of the transactions concerned, even though the agreement does not mean that all payments between Africa and China will now be made in the Chinese currency.
Riding the momentum of booming Sino-African trade
The partnership comes amid a sharp rise in China-Africa trade, which reached around $348 billion in 2025, according to data cited by Ecobank and Agence Ecofin. China remains the continent’s leading trading partner. In this context, payment and settlement infrastructure is becoming a key issue for businesses trading between the two regions.
Ecobank’s wider China strategy
Ecobank has been present in China since 2012 and is opening new offices in Beijing. This presence serves as a point of contact for Chinese companies, financial institutions and investors looking to develop their activities in Africa. The group also relies on dedicated teams for Chinese clients in West, Central and East Africa, as well as its trade finance, payment and cash management services.
Beyond CIPS: a broader push
The partnership with CIPS adds to other Ecobank initiatives, including its cooperation with Bank of China (Mauritius) and cross-border payment platforms such as XTransfer, YeePay and WorldFirst. It is part of a strategy aimed at better connecting the group’s African banking network with Chinese businesses.
A turning point, not a dollar eclipse
This development contributes to the internationalisation of the yuan and the diversification of settlement methods. However, it does not mean the dollar is immediately losing its dominant place in global trade: yuan payments are an additional channel, whose scale will depend on adoption by companies and banks.
