Ecobank, one of Africa’s largest banking groups, plans to join China’s Cross-Border Interbank Payment System (CIPS) to facilitate Yuan transactions as rising trade with China drives demand for direct settlement options.

Group CEO, Jeremy Awori, told Reuters the bank would sign an agreement to join the platform in China on October 17 2026. Ecobank operates in 34 African countries and is also in talks with Bank of China to jointly offer yuan settlement services.

CIPS connects more than 5,000 banks across over 100 countries and territories providing infrastructure for international payments denominated in the Chinese currency.

The move follows

  • South Africa’s Standard Bank, the first African lender to connect to CIPS in November 2025, and

  • Rwanda’s Bank of Kigali, which has also joined the network.

  • Angola’s Banco de Fomento Angola is planning to join.

 

BANKING | Standard Bank Becomes First African Bank to Connect Directly to China’s Cross-Border Payment System (CIPS)

 

Standard Bank had facilitated more than 8 billion yuan ($1.2 billion) in transactions through CIPS by July 2026 demonstrating growing use of the infrastructure for Africa-China payments.

 

MILESTONE | Standard Bank Processes Over $1 Billion in Yuan Payments Across Africa in One Year

 

African businesses have traditionally converted local currencies into U.S. dollars before exchanging them for yuan to pay Chinese suppliers. Direct yuan settlement could

  • reduce conversion costs,

  • limit exposure to dollar shortages, and

  • simplify cross-border payments.

China-Africa trade rose nearly 18% in 2025, according to Chinese customs data, strengthening incentives for African banks to expand payment links with the country. Beijing is also seeking to increase the yuan’s international use.

The expansion of yuan payment infrastructure does not necessarily signal a broad shift away from the dollar which remains dominant in global trade and foreign exchange reserves. Instead, it gives African businesses and banks additional settlement options as commercial ties with China deepen.

 

BANKING | Bank of China Approves a Yuan Clearing Hub Across 19 Africa Markets

 

 

 

 

 

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