Ecobank to Join China’s Yuan Payment System

By Adedapo Adesanya

Ecobank Transnational Incorporated (ETI) is set to join China’s Cross-Border Interbank Payment System (CIPS) to facilitate Yuan transactions, as African banks seek to capitalise on growing trade and investment ties between China and the continent.

The lender’s chief executive, Mr Jeremy Awori, said the agreement would strengthen connections between China’s payment infrastructure and Ecobank’s banking and payment networks across Africa.

Demand for direct settlement of local currencies into the Chinese Yuan has been rising across the continent as trade with China intensifies efforts to internationalise its currency.

Mr Awori said CIPS connects more than 5,000 banks across over 100 countries and territories, providing businesses engaged in trade with China with more direct settlement options.

“CIPS is an important part of the infrastructure supporting international RMB payments,” he said.

According to Mr Awori, the partnership would improve payment connectivity between Chinese financial institutions and Ecobank’s operations across Africa, potentially easing cross-border transactions for businesses.

Ecobank, which operates in 34 African countries including Nigeria, is also in discussions with Bank of China to jointly provide Yuan settlement services.

Mr Awori said an announcement on the proposed partnership was expected soon.

The initiative would complement Ecobank’s planned participation in CIPS and other payment partnerships aimed at facilitating trade between Africa and China.

Although the US Dollar remains dominant in global trade and foreign exchange reserves, growing commercial ties with China have encouraged African governments, businesses and financial institutions to increase their use of the Yuan for international transactions.

South Africa’s Standard Bank became the first African lender to connect to CIPS in November 2025. It secured authorisation in September 2026 to clear Yuan transactions across the continent in partnership with the Industrial and Commercial Bank of China.

Rwanda’s Bank of Kigali has also joined CIPS, while Angola’s Banco de Fomento Angola is planning to connect to the platform.

Trade between China and Africa rose nearly 18 per cent in 2025, according to Chinese customs data. It also removed tariffs on imports from 53 African countries on May 1, 2026, in a move aimed at strengthening trade relations with the continent.