Pan-African banking group Ecobank is deepening its financial ties with China. On 10 October 2026, in Beijing, it signed a memorandum of understanding with China’s Cross-Border Interbank Payment System (CIPS). The aim is to facilitate settlements in renminbi — the Chinese currency, also known as the yuan — between African businesses and their Chinese partners. The signing took place on the sidelines of the official visit to China by the president of Togo’s Council, Faure Gnassingbé, in the presence of Togo’s minister of finance and budget, Essowè Georges Barcola.
What exactly does the Ecobank-CIPS protocol cover?
The agreement is designed to expand yuan payment and clearing capacity between the two regions, streamline cross-border settlements and improve companies’ access to financial circuits. Ecobank, headquartered in Lomé and operating in 34 African markets, wants to better support importers, exporters and investors active in the China-Africa corridor.
Which obstacles to transactions are being targeted?
For businesses, international payments can involve delays, fees and multiple currency conversions. Using the yuan offers an additional option to settle certain commercial 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 Chinese currency.
Why is this happening now?
The move comes amid strong growth in Sino-African trade, which reached around $348 billion in 2025, according to data cited by Ecobank and Agence Ecofin. China remains the continent’s leading trading partner. In this context, payment and settlement infrastructure is becoming an important issue for companies trading between the two regions.
A broader strategy of presence in China
Ecobank has been present in China since 2012 and is opening new offices in Beijing. This presence serves as a point of contact for Chinese companies, financial institutions and investors looking to develop their activities in Africa. The group also relies on dedicated teams serving Chinese clients in West, Central and East Africa, as well as its trade finance, payment and cash management services.
The partnership with CIPS 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 is part of a strategy aimed at better connecting the group’s African banking network with Chinese companies.
Does this mean the dollar is losing its dominance?
This development contributes to the internationalisation of the yuan and the diversification of settlement methods. However, it does not mean that the dollar is immediately losing its dominant place in global trade: yuan payments constitute an additional channel, whose scale will depend on its adoption by companies and banks.
