Ecobank to Join China’s CIPS Payment System as Africa-China Trade Expands
Ecobank is preparing to join China’s Cross-Border Interbank Payment System (CIPS), expanding its capacity to facilitate yuan transactions across Africa as commercial ties between the continent and China deepen.
The pan-African lender’s Chief Executive Officer, Jeremy Awori, told Reuters that the bank would sign an agreement to participate in the payment network in China on Saturday. The move is intended to strengthen connections between China’s yuan payment infrastructure and Ecobank’s banking and payments operations across its African markets.
“CIPS is an important part of the infrastructure supporting international RMB payments,” Awori said.
According to Awori, CIPS connects more than 5,000 banks across over 100 countries and territories, providing businesses engaged in Chinese trade with additional options for settling transactions directly in renminbi, also known as the yuan.
“This cooperation really strengthens the link between the Chinese RMB payment infrastructure and our African banking platform and payment infrastructure, which is obviously critical,” he said.
Ecobank operates in 34 African countries, giving the planned integration a potential reach across multiple markets involved in trade with China. The bank is also discussing a partnership with Bank of China to jointly provide yuan settlement services, with Awori saying an announcement was expected soon.
The proposed partnership would complement Ecobank’s CIPS participation and other initiatives aimed at improving payment connectivity between African businesses and Chinese counterparties.
African Banks Expand Yuan Settlement Infrastructure
The move comes as African financial institutions respond to increasing commercial engagement with China and demand for more direct settlement options in Chinese currency.
Although the US dollar remains the dominant currency in international trade and global foreign exchange reserves, some African banks, companies and governments are expanding their use of the yuan to facilitate transactions with Chinese suppliers and investors.
South Africa’s Standard Bank became the first African lender to connect to CIPS in November 2025. It subsequently secured authorisation with Industrial and Commercial Bank of China to clear yuan transactions across the continent, according to the report.
Rwanda’s Bank of Kigali has also joined the CIPS network, while Angola’s Banco de Fomento Angola is planning to participate.
These developments reflect efforts to diversify payment channels and reduce friction in cross-border transactions. Direct yuan settlement can help businesses trading with China avoid some of the additional conversion steps involved when payments are routed through another currency, although the benefits depend on transaction costs, liquidity and the availability of counterparties willing to settle in yuan.
China-Africa Trade Supports Payment Expansion
The expansion of yuan payment infrastructure coincides with stronger trade flows between China and African economies. Chinese customs data showed that bilateral trade increased by nearly 18% in 2025.
Beijing also removed tariffs on imports from 53 African countries from May 1, according to the report, adding another dimension to the evolving commercial relationship.
For Ecobank, joining CIPS would provide another channel through which its customers could manage payments linked to Chinese trade. The planned cooperation with Bank of China could further extend the bank’s yuan settlement offering.
The wider expansion of CIPS participation among African lenders indicates growing investment in financial infrastructure designed to support trade with China. However, the yuan’s broader role in African commerce will also depend on market liquidity, currency availability, regulatory arrangements and the willingness of businesses to invoice and settle transactions in renminbi.
Source: Africaneconomyinc