Ecobank Group has signed a Memorandum of Understanding with the Cross-Border Interbank Payment System to strengthen Renminbi 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 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.
The collaboration with CIPS is designed to expand RMB payment and clearing connectivity between China and Africa. It is expected to support smoother RMB payments, reduce settlement complexity and improve access to cross-border payment channels, while strengthening the financial infrastructure behind China–Africa trade
China remains Africa’s largest trading partner, with bilateral trade reaching approximately $348bn in 2025. As trade volumes continue to rise, efficient payment, settlement and banking infrastructure are becoming increasingly important for companies operating across the corridor.
Commenting on the announcement, Chief Executive Officer of Ecobank Group, Jeremy Awori, said that
China-Africa trade had 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,” Awori said.
“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.”
Ecobank has maintained a presence in China since 2012. As part of its commitment to deepening economic ties between China and Africa, Ecobank officially inaugurated its new Beijing office premises to strengthen that presence and provide Chinese companies, financial institutions and investors with a dedicated point of access to the Group’s pan-African network.
Supported by dedicated Chinese Desks across West, Central and East Africa, Ecobank provides clients with local market expertise and banking solutions across trade finance, payments, cash management and cross-border investment.
The China–Africa corridor is a strategic growth opportunity under Ecobank’s Growth, Transformation and Returns strategy. The CIPS partnership builds on a broader network of collaborations designed to facilitate trade, investment and payment flows between China and Africa. These include recent cooperation with Bank of China in Mauritius and partnerships with cross-border payment platforms including XTransfer, YeePay and WorldFirst.