Behind Ecobank’s signature of a memorandum of understanding with China’s Cross-Border Interbank Payment System (CIPS) in Beijing on 10 October 2026 lies a deeper story: African banks are gradually building the plumbing that could make renminbi settlements a routine part of doing business with China. The deal, signed on the sidelines of Togolese Council President Faure Gnassingbé’s official visit to China and witnessed by Togolese Minister of Finance and Budget Essowè Georges Barcola, is less a sudden shift than a deliberate step in a longer process of financial infrastructure-building.
The mechanics behind the memorandum
At its core, the agreement is about capability, not conversion. Ecobank, headquartered in Lomé and operating across 34 African markets, aims to expand its renminbi payment and clearing capacities, streamline cross-border settlements and give businesses better access to financial channels. The idea is to serve importers, exporters and investors active along the China-Africa corridor more effectively.
For companies, international payments often involve delays, fees and multiple currency conversions. Using the yuan offers an additional route to settle certain commercial transactions directly with China, potentially reducing complexity for the operations concerned. Crucially, the memorandum does not mean that all payments between Africa and China will now be made in the Chinese currency.
Why payment infrastructure is becoming a strategic issue
The move comes amid a sustained expansion of Sino-African trade, which reached approximately $348 billion in 2025, according to data cited by Ecobank and Agence Ecofin. China remains the continent’s leading commercial partner. In this context, payment and settlement infrastructure is turning into a significant consideration for businesses trading between the two regions.
A broader China strategy takes shape
Ecobank has maintained a presence in China since 2012 and is opening new offices in Beijing. This base serves as a point of contact for Chinese companies, financial institutions and investors looking to develop their activities in Africa. The group also relies on teams dedicated to Chinese clients in West, Central and East Africa, alongside its trade finance, payment and cash management services.
The partnership with CIPS complements other Ecobank initiatives, including its cooperation with Bank of China (Mauritius) and cross-border payment platforms such as XTransfer, YeePay and WorldFirst. It fits into a strategy aimed at better connecting the group’s African banking network with Chinese businesses.
The bigger picture: diversification, not displacement
This development contributes to the internationalisation of the yuan and the diversification of settlement methods. It does not, however, mean that the dollar immediately loses its dominant place in global trade: yuan payments constitute an additional channel, whose scale will depend on adoption by businesses and banks.
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