Pan-African banking group Ecobank is preparing to join China’s cross-border payment network to make transactions between African businesses and Chinese trading partners easier, as economic ties between the two regions continue to grow.
The planned agreement will connect Ecobank to China’s Cross-Border Interbank Payment System (CIPS), a financial infrastructure designed to facilitate international payments in renminbi, commonly known as the Chinese yuan.
Ecobank Group Chief Executive Officer Jeremy Awori disclosed the development in an interview with Reuters on October 9, 2026, ahead of the planned signing of the agreement in China on Saturday, October 10.
The move is expected to give businesses operating through Ecobank’s extensive African network another option for settling transactions with Chinese suppliers, potentially reducing the need to route certain payments through the US dollar.
Ecobank operates in 34 African countries, giving it a significant regional presence that could help connect businesses across the continent to China’s yuan payment infrastructure.
The development comes as African financial institutions seek more efficient ways to support international trade, particularly with China, which remains one of the continent’s major commercial partners.
Ecobank Moves to Strengthen China-Africa Financial Connections
Ecobank’s planned entry into CIPS reflects a wider effort by African banks to improve the financial infrastructure supporting trade with China.
For many businesses importing goods from China, international payments can involve converting local currencies into US dollars before making payments to suppliers. Depending on the transaction, this process can introduce additional charges, exchange-rate exposure and administrative complications.
Access to yuan settlement arrangements could provide another route for eligible businesses to pay Chinese suppliers directly in the Chinese currency.
Awori told Reuters that joining CIPS would strengthen the relationship between China’s international payment infrastructure and Ecobank’s banking and payments network across Africa.
The bank’s participation could therefore help establish additional channels for commercial transactions between African businesses and Chinese companies.
However, joining the payment network does not automatically mean that every Ecobank customer in all 34 markets will immediately have access to yuan-denominated transactions. The availability of particular services will depend on the bank’s implementation plans, local regulations and the arrangements offered in individual markets.
The precise rollout timetable and customer costs had not been detailed in the report.
What Is China’s CIPS Payment System?
China’s Cross-Border Interbank Payment System is an international financial network that supports cross-border transactions involving the renminbi.
The system was developed to improve the processing of international yuan payments and support the currency’s use in global trade.
According to figures provided by Awori to Reuters, CIPS connects more than 5,000 banks across over 100 countries and territories.
Its network provides financial institutions with infrastructure for processing payments involving Chinese currency, making it particularly relevant to companies that regularly trade with Chinese businesses.
The system also forms part of Beijing’s broader effort to increase the international use of the yuan.
Although the US dollar continues to dominate many international transactions and remains the leading global reserve currency, China has been working to expand the role of its currency in trade, investment and financial markets.
Greater participation by foreign banks can help make yuan transactions more accessible to companies that buy goods from China or maintain commercial relationships with Chinese partners.
For African businesses, the significance of CIPS will depend on whether the additional payment options translate into lower costs, faster settlements and easier access to the Chinese market.
Ecobank in Talks With Bank of China Over Yuan Services
Ecobank is also discussing a separate partnership with Bank of China that could allow the two institutions to jointly provide yuan settlement services.
Awori told Reuters that negotiations were continuing and that the bank expected to make a further announcement.
The proposed collaboration would complement Ecobank’s planned CIPS participation by creating additional opportunities to support businesses involved in trade between Africa and China.
The discussions build on Ecobank’s broader efforts to strengthen its connections with Chinese financial institutions and improve services for customers operating across international markets.
A direct yuan settlement option could be particularly useful for small and medium-sized enterprises that purchase products, equipment or raw materials from China.
Such companies often operate with tighter margins than larger businesses, making payment charges and currency-conversion costs important considerations.
If the proposed services become available on commercially attractive terms, they could give some African importers more flexibility when paying Chinese suppliers.
Nevertheless, the actual benefits will depend on exchange rates, transaction fees, access to yuan liquidity and the conditions offered by participating banks.
Other African Banks Are Embracing China’s Payment Infrastructure
Ecobank is not the first African financial institution to move towards CIPS.
South Africa’s Standard Bank became the first African lender to connect to the Chinese payment network in November 2025.
Reuters reported that Standard Bank subsequently obtained authorisation to clear yuan transactions across Africa through an arrangement with the Industrial and Commercial Bank of China.
The development demonstrated how established African banks could use partnerships with Chinese institutions to expand their cross-border payment services.
Rwanda’s Bank of Kigali has also joined the CIPS network, while Angola’s Banco de Fomento Angola has been preparing to participate.
The growing number of African banks exploring yuan settlement options reflects the commercial importance of China to businesses across the continent.
As more institutions establish connections to Chinese payment infrastructure, companies may have additional choices for handling transactions with suppliers and customers in China.
However, the extent to which these arrangements benefit individual African markets will depend on participating banks’ service offerings, national financial regulations and demand from local businesses.
China-Africa Trade Growth Supports Demand for Yuan Payments
The expansion of payment links comes against a backdrop of rising trade between China and African countries.
Chinese customs data cited by Reuters showed that China-Africa trade increased by nearly 18 per cent in 2025.
The growth has strengthened the commercial relationship between the two regions and increased demand for financial services capable of supporting cross-border business.
China is an important supplier of machinery, electronics, industrial equipment, consumer products and other goods purchased by African importers.
African countries, meanwhile, export commodities and other products to China, including minerals and agricultural goods.
These transactions create demand for payment systems that can handle international transfers efficiently and provide businesses with access to suitable currencies.
China also removed tariffs on imports from 53 African countries from May 1, 2026, according to the Reuters report.
The policy adds another dimension to the expanding trade relationship, although the practical benefits for individual African exporters will depend on the products they sell, market access conditions and their ability to meet Chinese import requirements.
For banks such as Ecobank, stronger trade connections create opportunities to provide payment processing, trade finance and other services to businesses operating between the two markets.
Could the Yuan Reduce Africa’s Dependence on the US Dollar?
Ecobank’s planned move comes as some African governments, companies and banks consider using alternative currencies for selected international transactions.
The US dollar remains central to global trade and foreign exchange reserves. However, businesses that regularly trade with China may benefit from having the option to settle eligible transactions directly in yuan.
Using the Chinese currency could reduce the need for certain transactions to pass through a dollar conversion, depending on the currencies involved and the payment arrangements available.
That does not necessarily mean every yuan transaction will be cheaper. Exchange rates, bank charges, liquidity and local market conditions can affect the final cost.
The wider trend also does not mean that the dollar is about to lose its dominant position in international finance.
Instead, the growing use of yuan payment infrastructure indicates that some businesses and financial institutions want additional options for managing trade with China.
For African economies, having access to more settlement channels could help diversify payment arrangements and strengthen financial links with important trading partners.
The longer-term impact will depend on how widely the services are adopted and whether businesses find them more efficient than existing alternatives.
What Ecobank’s CIPS Deal Could Mean for African Businesses
If successfully implemented, Ecobank’s planned participation in CIPS could provide a new route for supporting transactions between African businesses and Chinese suppliers.
Importers may gain greater flexibility in how they arrange payments, while exporters and other companies involved in China-Africa commerce could benefit from stronger financial connections.
The bank’s presence in 34 African countries gives the development a potentially broad regional reach.
However, customers will need to wait for details about service availability, transaction charges, eligible markets and the procedures required to access yuan settlement.
Businesses should also compare the total costs of available payment options rather than assume that settling directly in yuan will always be less expensive.
The key question is whether the new infrastructure will produce practical benefits for companies, particularly small businesses that face difficulties managing international payments.
For Ecobank, the agreement represents an opportunity to expand its role in trade-related financial services as economic ties between Africa and China deepen.
For the wider continent, it is another indication that African banks are adapting their payment systems to reflect changing patterns in international commerce.
As the agreement moves towards signing, businesses will be watching for further information on how quickly the new arrangements can be introduced and which customers will be able to use them.
