Ecobank and CIPS Sign MoU to Enhance RMB Cross-Border Payments Between China and Africa

According to ME News, on October 12 (UTC+8), Ecobank, the Pan-African Commercial Bank, signed a memorandum of understanding with Cross-Border Interbank Payment System Co., Ltd. (CIPS) to enhance RMB payment connectivity between China and Africa. The signing ceremony took place in the presence of the Minister of Finance and Budget of the Togolese Republic, during President Faure Essozimna Gnassingbé’s official visit to China. Jeremy Awori, Group CEO of Ecobank, stated that the collaboration will strengthen the interconnection between China’s RMB payment ecosystem and Ecobank’s African network, aiming to enable Chinese enterprises to access African markets more easily and help African businesses participate more effectively in China’s market. China is Africa’s largest trading partner, with bilateral trade volume expected to reach approximately $348 billion in 2025. The partnership is anticipated to facilitate smoother RMB payments, reduce settlement complexity, and improve accessibility of cross-border payment channels. Ecobank has maintained a presence in China since 2012 and has officially launched its new Beijing office, with dedicated China business teams across West, Central, and East Africa offering services such as trade finance, payments, cash management, and cross-border investments. The group operates in 34 sub-Saharan African countries as well as France, the United Kingdom, the United Arab Emirates, and China, employing over 14,000 staff and serving more than 32 million customers. Recently, Ecobank has also partnered with institutions including Bank of China (Mauritius), XTransfer, Yeepay, and Wise. (Source: ChainCatcher)