Pan-African lender Ecobank is preparing to strengthen its connections with China’s international payments network, a move that could eventually give African companies another route for settling trade transactions in Chinese currency.
Ecobank chief executive Jeremy Awori told Reuters on 9 October 2026 that the bank expected to sign an agreement to join the Cross-Border Interbank Payment System (CIPS) on 10 October.
The announcement described an intended signing, not confirmation that the connection was already operational.
Headquartered in Lomé, Togo, Ecobank operates in 34 African countries. Its geographic reach makes the initiative potentially significant for businesses trading with Chinese suppliers across several markets.
CIPS facilitates cross-border payments in renminbi, China’s currency.
Many African importers currently rely on dollar-denominated transactions when purchasing goods from China.
A yuan settlement option may reduce some intermediary banking steps, although savings will depend on currency availability, conversion spreads, fees and local regulations.
The development also illustrates the growing importance of financial infrastructure in China–Africa relations.
The commercial relationship is no longer limited to shipments of minerals, machinery or manufactured goods; banks are exploring the payment systems that support those exchanges.
For African companies, the practical test will be whether yuan services are accessible, transparent and cheaper than existing arrangements.
A new payment channel does not by itself correct trade imbalances or remove foreign-exchange risk.
Confirmation of the signed agreement and its implementation timetable will determine when customers can benefit.