Ecobank Group and CIPS Partner to Strengthen China-Africa Financial Corridor
The move would expand yuan payment infrastructure for African customers and reduce reliance on intermediary currencies in China trade, officials said.
- Ecobank, the Togo-based lender operating in 34 African countries, will sign an agreement this month to join the China Interbank Payments System to facilitate yuan transaction settlements.
- Growing commercial ties between Africa and China, marked by an 18% trade rise last year, have spurred demand for payment systems reducing reliance on intermediary currencies as cross-border transactions expand.
- South Africa's Standard Bank and the African Export-Import Bank joined CIPS last year, investing in infrastructure to support international RMB payments as banks serve clients trading with China.
- For African businesses, settling transactions directly in yuan could reduce conversion costs, Awori said, adding that the partnership "strengthens links" between China's yuan infrastructure and Ecobank's African banking network.
- Beijing is pushing to internationalize the yuan for wider use in global commerce, while China this year removed tariffs for imports from all African countries except Eswatini to deepen commercial ties.
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