Ecobank partners with CIPS to boost yuan settlements between Africa and China, aiming to simplify trade and reduce costs.
Ecobank partners with CIPS for yuan settlements
Ecobank, a major pan-African bank, has signed an agreement with China's Cross-Border Interbank Payment System (CIPS) to improve yuan-based transactions between African and Chinese businesses. The agreement was signed in Beijing on October 10 during a visit by Togo's president, with the finance minister present.Sino-African trade grows significantly
Sino-African trade reached about 348 billion dollars in 2025, with China importing 123 billion dollars from Africa and exporting 225 billion dollars to the continent. In 2026, China expanded its duty-free trade policy to all 53 African countries it has diplomatic ties with, with different rules for the least developed nations.Yuan settlements may lower trade costs
Using the yuan for cross-border payments could reduce the need for intermediate currency conversions, potentially cutting costs for businesses. However, the actual savings depend on factors like bank fees, exchange rates, and transaction specifics. The agreement does not provide details on rates or how the system will roll out across countries.Ecobank expands presence in China
Ecobank has opened new offices in Beijing, where it has operated since 2012. It also signed a partnership with Bank of China (Mauritius) in December 2025 to develop yuan-based solutions, trade financing, and cross-border settlements, aiming to support African businesses in international trade.Chinese banks expand yuan settlement in Africa
Standard Bank and China's Industrial and Commercial Bank of China (ICBC) received approval in June 2026 to jointly handle yuan transactions in 19 African countries. This move is part of broader efforts to build payment infrastructure using the Chinese currency across the continent.