Business · Markets · 9 hrs ago
Ecobank links with China’s CIPS to expand yuan payments in Africa
Ecobank signed an agreement with China’s CIPS payment system in Beijing to expand cross-border yuan payments.
The Togo-based banking group operates in about 30 African markets and aims to help businesses pay Chinese partners more directly.
CIPS lets firms pay in yuan after converting local currencies, potentially avoiding some extra conversions through the US dollar.
The move comes as trade between China and Africa has grown, reaching about €310 billion in 2025.
Other African institutions, including Standard Bank and Afreximbank, also use CIPS for payments linked to China.
Wider yuan use could reduce costs and reliance on dollar-based routes, but the dollar remains dominant: it accounted for 50.2% of Swift payments in January 2025, compared with 2% to 3% for the yuan.
The agreement may ease trade payments but does not mean the dollar is being displaced; the sources give no further implementation timetable.
Ecobank signed a memorandum of understanding with China’s Cross-Border Interbank Payment System (CIPS) to strengthen cross-border yuan payments between African businesses and their Chinese partners.
The agreement is intended to let African businesses settle trade with China more directly in renminbi.
Ecobank operates in about 30 African markets and joins Standard Bank and Afreximbank in using the system.
The signing took place in Beijing, though the articles give different dates: 9 October and 10 October.
CIPS was established in 2015, while the US dollar remains dominant in international payments.
- Who
- Ecobank Transnational Incorporated and China’s Cross-Border Interbank Payment System (CIPS).
- What
- They signed a memorandum of understanding to strengthen cross-border yuan payments between African businesses and Chinese partners.
- When
- The articles report the signing as 9 October and 10 October; they do not specify the year of the signing.
- Where
- Beijing, China.
- Why
- To enable more direct settlement of trade between African businesses and their Chinese partners.
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- Ecobank reach
- About 30 African markets
- Agreement
- Memorandum of understanding with CIPS
- Signing location
- Beijing
- Signing date
- 9 October in Jeune Afrique; 10 October in Courrier international
- CIPS established
- 2015