Ecobank, CIPS Partner to Strengthen China-Africa Financial Corridor

Ecobank Group and the Cross-Border Interbank Payment System (CIPS) have entered into a Memorandum of Understanding aimed at enhancing Renminbi (RMB) payment connectivity between China and Africa. The agreement was signed during the visit of Togo's President to China, with Togo's Minister of Finance and Budget in attendance. This partnership underscores the strategic significance of bolstering economic and financial relationships among China, Togo, and the African continent.

Ecobank's move is part of its ongoing strategy to link businesses and financial institutions in China with its expansive banking presence across 34 African markets. China is Africa's leading trading partner, with bilateral trade valued at about $348 billion in 2025. Ecobank's Chief Executive Officer, Jeremy Awori, highlighted the importance of this collaboration, stating that as trade ties strengthen and investments surge, financial infrastructure must adapt.

The partnership with CIPS will bolster connectivity between China's RMB payment system and Ecobank's extensive African network, enabling more efficient and secure transactions for importers, exporters, and businesses operating in both regions. This joint effort aims to make Africa more accessible for Chinese businesses and facilitate more effective engagement between African enterprises and Chinese markets.