Ecobank has begun integrating into CIPS, the Chinese cross-border interbank payment system, to facilitate yuan settlements between Africa and China, following the announcement of an agreement signed in Beijing on 10 October.
The group, present in 34 African countries, wants to link its network to the renminbi clearing and settlement system. Its chief executive Jeremy Awori had confirmed to Reuters the planned signing of the agreement, while a bank statement reported by Bloomberg referred to a protocol concluded with CIPS.
Joining does not mean that all Ecobank customers can already send or receive yuan through this channel. The group did not indicate a go-live date, which subsidiaries would be involved at the start, or a fee schedule.
For African companies buying goods in China, more direct settlement can reduce successive conversions between local currency, the dollar and the yuan. The gain will, however, depend on the rates applied, the liquidity available and the correspondent banks used for each transaction.
Ecobank is separately discussing with Bank of China a joint yuan settlement offer. This negotiation was not finalised in the information published on 9 October and should not be confused with the CIPS accession process.
Standard Bank connected to the system in November 2025, and Bank of Kigali joined more recently. CIPS links more than 5,000 banks in more than 100 countries and territories, according to figures cited by Jeremy Awori.
The move accompanies the rise in trade between China and Africa, estimated at nearly 18% in 2025 by Chinese customs. CIPS handles yuan payments and does not on its own replace the financial messaging networks used by banks.