Kayode Tokede
Ecobank Group has signed a Memorandum of Understanding with the Cross-Border Interbank Payment System (CIPS) to strengthen Renminbi (RMB) payment connectivity between China and Africa.
The signing ceremony was held in the presence of the Minister of Finance and Budget of the Republic of Togo, on the sidelines of the official visit to China by the President of the Council of the Republic of Togo, Faure Essozimna Gnassingbé, underscoring the strategic importance of strengthening economic and financial ties between China, Togo and the African continent.
This milestone marks a further step in Ecobank’s long-term strategy to connect businesses and financial institutions in China with its pan-African banking network spanning 34 African markets.
China remains Africa’s largest trading partner, with bilateral trade reaching approximately $348 billion in 2025. Commenting on the announcement, Chief Executive Officer of Ecobank Group, Jeremy Awori, in a statement said: “China-Africa trade has evolved into one of the world’s most dynamic economic corridors. As trade relationships deepen and investment flows increase, supporting financial infrastructure must evolve accordingly.
“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 seeking to operate 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.”