Ecobank signs yuan payment deal with China’s CIPS in Beijing
Ecobank seals yuan settlement agreement with CIPS in Beijing
Pan-African banking group Ecobank has moved to deepen its financial ties with China through a new settlement protocol signed with CIPS, China’s cross-border interbank payment system. The agreement was formalised in Beijing on 10 October 2026 and is designed to streamline renminbi — also known as yuan — payments between African companies and their Chinese counterparts.
The signing took place alongside an official visit to China by Togo’s Council President, Faure Gnassingbé, and was attended by Togo’s Minister of Finance and Budget, Essowè Georges Barcola.
What the yuan channel changes for cross-border payments
Under the deal, Ecobank and CIPS will expand yuan payment and clearing capacity between Africa and China, simplify cross-border settlement, and improve corporate access to financial circuits. Ecobank, headquartered in Lomé and operating across 34 African markets, aims to serve importers, exporters and investors active along the China-Africa corridor more effectively.
For businesses, international payments often involve delays, fees and multiple currency conversions. Using the yuan provides an additional option to settle certain commercial transactions directly with China. It can reduce the complexity of those operations, although the agreement does not mean all Africa-China payments will now be made in the Chinese currency.
Trade growth drives demand for new payment rails
The partnership comes as Sino-African trade continues to climb, reaching around $348 billion in 2025, according to data cited by Ecobank and Ecofin Agency. China remains the continent’s leading trading partner. In this environment, payment and settlement infrastructure is becoming a key issue for companies doing business between the two regions.
Ecobank expands its China presence beyond the CIPS agreement
Ecobank has maintained a presence in China since 2012 and is opening new offices in Beijing. This base serves as a contact point for Chinese companies, financial institutions and investors looking to expand in Africa. The group also relies on dedicated teams serving Chinese clients in West, Central and East Africa, alongside its trade finance, payment and cash management services.
The CIPS partnership adds to other Ecobank initiatives, including cooperation with Bank of China (Mauritius) and cross-border payment platforms such as XTransfer, YeePay and WorldFirst. It forms part of a strategy to better connect the group’s African banking network with Chinese businesses.
A supplementary channel, not a dollar replacement
This development contributes to the internationalisation of the yuan and the diversification of settlement methods. However, it does not mean the dollar will immediately lose its dominant role in global trade: yuan payments represent an additional channel, and their scale will depend on adoption by companies and banks.
