Moroccan bank joins CIPS system

Attijariwafa bank, a Moroccan financial institution active in 27 countries, has joined the Cross-Border Interbank Payment System (CIPS), a Chinese platform for settling international transactions in renminbi (RMB). This move is part of broader efforts to increase trade and financial ties between Africa and China using the yuan instead of the U.S. dollar.

Goal of the membership

The Moroccan bank aims to streamline financial transactions between Morocco and China, enabling its clients to conduct payments in Chinese currency more efficiently. This could reduce the need for multiple intermediaries, which often slow down traditional banking processes.

Official statement from the bank

Adil Hajji, director of the International Banking Group at Attijariwafa bank, said the membership enhances the bank's ability to support trade and investment flows between the two countries. However, the bank did not clarify whether it is a direct or indirect participant in CIPS or provide estimates of potential cost savings for clients.

Standard Bank's CIPS experience

Standard Bank, the first African bank to directly access CIPS, began processing transactions through the system in June 2025. By July 2026, it had already handled over 8 billion yuan, or about 1.2 billion dollars, and expanded the service to several African countries.

Expanded CIPS access

In June 2026, Standard Bank and its main Chinese shareholder, the Industrial and Commercial Bank of China (ICBC), received authorization to settle payments in yuan across 19 African countries. This allows them to provide RMB settlement services to other financial institutions on the continent.

Ecobank's CIPS partnership

Ecobank, a pan-African banking group operating in 34 countries, announced on October 12 a cooperation agreement with CIPS to enhance yuan-based settlement capabilities between China and Africa. However, unlike Standard Bank, Ecobank has not yet begun processing transactions through the system.

CIPS and China's currency strategy

CIPS, launched in 2015, is a key component of China's strategy to internationalize the renminbi. Its growth in Africa could enable more businesses to pay Chinese suppliers in yuan, reducing reliance on the U.S. dollar. However, the benefits depend on factors like currency conversion costs, liquidity, and banking fees.