African banking group Ecobank is set to join China’s Cross-Border Interbank Payment System (CIPS), a move aimed at facilitating yuan transactions and strengthening payment links between Africa and China.
Ecobank Group Chief Executive Officer Jeremy Awori disclosed the plan to Reuters ahead of the signing of an agreement in China on Saturday, October 10, 2026.
CIPS provides infrastructure for cross-border payments in renminbi, also known as the Chinese yuan. The platform connects more than 5,000 banks across over 100 countries and territories, according to Awori.
“CIPS is an important part of the infrastructure supporting international RMB payments,” he told Reuters.
Awori said the agreement would strengthen the connection between China’s yuan payment infrastructure and Ecobank’s banking and payments network across Africa.
“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 Chinese Yuan Deal
Ecobank operates in 34 African countries, giving the group a broad regional network through which it can support businesses involved in trade with China.
The lender is also in discussions with Bank of China to jointly provide yuan settlement services, with Awori saying an announcement is expected soon.
The proposed partnership would complement Ecobank’s participation in CIPS and other arrangements intended to make cross-border payments between African businesses and Chinese counterparts easier.
The move comes as trade and investment links between China and Africa expand, prompting businesses and financial institutions to seek alternatives to conventional dollar-based settlement arrangements.
Although the US dollar remains dominant in international trade and foreign exchange reserves, the growing volume of China-Africa commerce has encouraged some African banks, companies and governments to increase their use of the yuan.
China-Africa trade rose nearly 18% in 2025, according to Chinese customs data cited by Reuters. Beijing also removed tariffs on imports from 53 African countries from May 1, 2026.
