Ecobank and CIPS Sign Deal on China-Africa Renminbi Payments
Pan-African lender Ecobank Group has signed a memorandum of understanding with China's Cross-Border Interbank Payment System to improve renminbi payment links between China and Africa. The signing took place in Beijing during an official visit by Togo's leadership.
Ecobank Group and the Cross-Border Interbank Payment System (CIPS) have concluded a memorandum of understanding. The aim is to improve payment connectivity in renminbi (RMB) between China and Africa. The document was signed in Beijing in the presence of Togo's Minister of Finance and Budget, on the sidelines of an official visit to China by Faure Essozimna Gnassingbé, President of the Council of the Republic of Togo.
What the agreement is for
The cooperation is meant to widen RMB payment and clearing links between the two sides. Ecobank expects it to make renminbi payments smoother, cut the complexity of settlement, give easier access to cross-border payment channels and reinforce the financial infrastructure that underpins trade. The bank places the deal in a broader context: China is still Africa's largest trading partner, and trade between them reached about $348 billion in 2025. As volumes grow, efficient payment, settlement and banking services matter more to companies that work on both sides.
Chief executive Jeremy Awori described China-Africa trade as one of the world's most dynamic economic corridors and said financial infrastructure has to develop along with deepening trade ties and rising investment. The partnership, he said, ties China's RMB payment ecosystem more closely to Ecobank's African network and lets the bank serve importers, exporters and other businesses more efficiently. The ultimate goal, in his words, is to make Africa more accessible to companies operating from China and to help African firms deal more effectively with Chinese markets.
Ecobank's presence in China
The lender has been present in China since 2012 and has now officially opened new office premises in Beijing, intended as a dedicated point of access to its network for Chinese companies, financial institutions and investors. Chinese Desks in West, Central and East Africa support that work with local expertise in trade finance, payments, cash management and cross-border investment. Ecobank treats the corridor as a growth opportunity under its Growth, Transformation and Returns strategy. Earlier steps include cooperation with Bank of China (Mauritius) and partnerships with the payment platforms XTransfer, YeePay and WorldFirst. The group operates in 34 sub-Saharan African countries as well as in France, the UK, the UAE and China. It employs more than 14,000 people and serves over 32 million customers.
Source: Ecobank Group