Ecobank and CIPS partner to boost China-Africa Renminbi payments

Ecobank Group has signed a Memorandum of Understanding with the Cross-Border Interbank Payment System (CIPS) to enhance Renminbi (RMB) payment connectivity between China and Africa. The agreement, signed in Beijing, aims to strengthen the financial corridor supporting the significant trade volume between the two regions, which reached approximately $348 billion in 2025.

Ecobank CEO Jeremy Awori stated that the partnership will improve the ability to support importers and exporters by connecting China’s RMB payment ecosystem with Ecobank’s network, which spans 34 African markets. The initiative seeks to make Africa more accessible to Chinese businesses while helping African companies engage more effectively with Chinese markets.

The signing ceremony took place during an official visit to China by Togo’s President of the Council, Faure Essozimna Gnassingbé, and was attended by the Togolese Minister of Finance and Budget.