Ecobank expands cross-border payment connectivity with China

Ecobank Group has entered into a Memorandum of Understanding (MoU) with the Cross-Border Interbank Payment System (CIPS) to enhance Renminbi (RMB) payment links between China and Africa

The agreement was signed during the official visit to China by Faure Essozimna Gnassingbé, president of the Council of the Republic of Togo. The ceremony was attended by Togo’s Minister of Finance and Budget, highlighting the importance of stronger economic and financial cooperation between China, Togo and Africa.

The agreement supports Ecobank’s strategy of connecting Chinese businesses and financial institutions with its pan-African banking network, which operates across 34 African markets.

Through the collaboration, Ecobank and CIPS aim to broaden RMB payment and clearing services between China and Africa. The initiative is expected to facilitate cross-border RMB transactions, simplify settlement processes, improve access to payment channels and reinforce the financial infrastructure supporting bilateral trade.

Strengthening the financial foundations of China-Africa trade

China is Africa’s largest trading partner, with bilateral trade valued at approximately US$348bn in 2025. Growing commercial exchanges are increasing the need for efficient payment systems, settlement mechanisms and banking services to support businesses operating between the two markets.

Commenting on the announcement, Jeremy Awori, CEO of Ecobank Group, said, "China-Africa trade has evolved into one of the world's most dynamic economic corridors. As trade relationships deepen and investment flows increase, financial infrastructure must evolve to support them."

"Our partnership with CIPS strengthens the connectivity between China’s RMB payment ecosystem and Ecobank’s extensive African network. It enhances our ability to support importers, exporters and businesses operating across Africa and China more efficiently and with greater confidence. Ultimately, our objective is to make Africa more accessible for businesses operating from China while helping African companies engage more effectively with Chinese markets."

Developing Ecobank’s China-Africa banking network

Ecobank has operated in China since 2012 and continues to expand its presence to facilitate commercial links between the two regions. The Group recently inaugurated its new office premises in Beijing, providing Chinese companies, financial institutions and investors with a dedicated gateway to its banking network across Africa.

The bank also operates dedicated Chinese Desks in West, Central and East Africa. These teams combine regional market knowledge with services covering trade finance, payments, cash management and cross-border investment.

Strengthening the China-Africa trade corridor forms part of Ecobank’s Growth, Transformation and Returns (GTR) strategy. The agreement with CIPS adds to the Group’s existing partnerships aimed at facilitating trade, investment and payment flows between the two markets. Other collaborations include cooperation with Bank of China (Mauritius) and cross-border payment platforms XTransfer, YeePay and WorldFirst.

By combining its Beijing presence, regional banking capabilities and strategic partnerships, Ecobank aims to improve the financial infrastructure available to businesses and investors engaging in China-Africa trade and investment.