A decisive shift in Africa-China payment infrastructure
In a move that marks a turning point for cross-border commerce, pan-African banking group Ecobank has signed a memorandum of understanding with China’s Cross-Border Interbank Payment System (CIPS) in Beijing on 10 October 2026. The agreement creates a direct channel for settling transactions in renminbi — also known as the yuan — between African businesses and their Chinese counterparts. The signing took place alongside the official visit to China by Togolese Council President Faure Gnassingbé, with Togolese Minister of Finance and Budget Essowè Georges Barcola in attendance.
What the breakthrough means for businesses
The pact is designed to expand yuan payment and clearing capacity between the two regions, streamline cross-border settlements and improve corporate access to financial circuits. Ecobank, headquartered in Lomé and operating across 34 African markets, aims to better serve importers, exporters and investors active along the China-Africa corridor.
Cutting through transaction friction
For companies, international payments often involve delays, fees and multiple currency conversions. Using the yuan provides an additional option to settle certain commercial operations directly with China. It can reduce the complexity of those transactions, even though the agreement does not mean all Africa-China payments will now be made in Chinese currency.
Riding the momentum of booming trade
The partnership builds on the rapid growth of Sino-African trade, which reached approximately $348 billion in 2025, according to data cited by Ecobank and Ecofin Agency. China remains the continent’s leading trading partner. Against this backdrop, payment and settlement infrastructure is becoming a critical issue for businesses trading between the two regions.
A broader push into the Chinese market
Ecobank has had 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 their activities in Africa. The group also relies on dedicated teams for Chinese clients in West, Central and East Africa, alongside its trade finance, payment and cash management services.
Building on a network of partnerships
The CIPS tie-up 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 forms part of a strategy to better connect the group’s African banking network with Chinese businesses.
A step toward currency diversification, not dollar displacement
This development contributes to the internationalization 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, whose scale will depend on adoption by companies and banks.