Ecobank signed a memorandum of cooperation with CIPS

On October 12, the Pan-African commercial bank Ecobank signed a memorandum of understanding with the Cross-Border Interbank Payment System Co., Ltd. (CIPS) to strengthen the connectivity of RMB payments between China and Africa. The signing ceremony was held under the witness of the Minister of Finance and Budget of the Republic of Togo, coinciding with the official visit of the President of the Council of Ministers of the Republic of Togo, Faure Gnassingbé, to China.

Ecobank Group CEO Jeremy Awori stated that the cooperation will enhance the connectivity between the Chinese RMB payment ecosystem and Ecobank's African network, aiming to facilitate Chinese companies' access to the African market and help African companies participate more effectively in the Chinese market. China is Africa's largest trading partner, with bilateral trade expected to reach approximately $348 billion by 2025. The cooperation is anticipated to make RMB payments smoother, reduce settlement complexity, and improve the accessibility of cross-border payment channels.

Ecobank has had a presence in China since 2012 and has officially opened a new office in Beijing, with Chinese business teams in West Africa, Central Africa, and East Africa, providing services such as trade financing, payments, cash management, and cross-border investments. The group's operations cover 34 countries in sub-Saharan Africa as well as France, the UK, the UAE, and China, employing over 14,000 people and serving more than 32 million customers. Recently, it has also collaborated with institutions such as Bank of China (Mauritius), XTransfer, YiBao Payment, and Wanlihui.