Pan-African banking group Ecobank has moved to deepen its financial ties with China. On 10 October 2026, in Beijing, the lender signed a memorandum of understanding with CIPS, China’s cross-border interbank payment system. The aim is to make it easier to settle transactions in renminbi — the Chinese currency, also known as the yuan — between African companies and their Chinese counterparts. The signing took place on the sidelines of an official visit to China by the president of Togo’s Council, Faure Gnassingbé, and was attended by Togo’s minister of Finance and Budget, Essowè Georges Barcola.
What the agreement is designed to deliver
The deal is intended to expand yuan payment and clearing capacity between the two regions, streamline cross-border settlements and give businesses better access to financial circuits. Ecobank, headquartered in Lomé and operating across 34 African markets, wants to offer stronger support to importers, exporters and investors active along the China-Africa corridor.
Cutting friction in cross-border transactions
For companies, international payments can involve delays, fees and multiple currency conversions. Using the yuan opens an additional route to settle certain trade operations directly with China. It can reduce the complexity of the transactions concerned, even though the agreement does not mean that all payments between Africa and China will now be made in the Chinese currency.
A response to booming trade flows
The tie-up comes against the backdrop of sharply rising Sino-African trade, which reached around $348 billion in 2025, according to figures cited by Ecobank. China remains the continent’s leading trading partner. In this context, payment and settlement infrastructure is becoming a key issue for businesses trading between the two regions.
A wider push to strengthen its China presence
Ecobank has had a presence in China since 2012 and is opening new offices in Beijing. The base serves as a point of contact for Chinese companies, financial institutions and investors looking to grow their activities in Africa. The group also relies on teams dedicated to Chinese clients in West, Central and East Africa, alongside its trade finance, payment and cash management services.
One piece of a broader partnership network
The CIPS partnership 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 connect the group’s African banking network more closely with Chinese businesses.
What it means for the yuan — and the dollar
This development feeds into the internationalisation of the yuan and the diversification of settlement methods. It does not, however, mean the dollar immediately loses its dominant role in global trade: yuan payments are an additional channel, and their scale will depend on how far businesses and banks adopt them.