In early October, Ecobank signed a deal in Beijing with CIPS, China’s cross-border payment system, to bring African companies closer to this network. The Togo-based bank thus joins Standard Bank and Afreximbank in using the yuan, as China also pours money into energy, mining and industry across the continent.
What is the agreement Ecobank signed with China?
Now under Alain Nkontchou's control, Ecobank makes no secret of its ambition: to become the financial engine of African integration.
The agreement was signed in Beijing in early October by Jérémy Awori, chief executive of Ecobank Transnational Incorporated (ETI). It commits the group to the Cross-Border Interbank Payment System (CIPS), China's cross-border payment infrastructure, set up in 2015. The memorandum of understanding formalises closer ties between the pan-African bank and a system designed to handle financial settlements between China and its partners.
Ecobank, a group of Togolese origin, has a clear goal: to let African companies connect more directly with this Chinese payment system.
Is Ecobank the only bank turning to the yuan?
No, Ecobank is joining a trend already under way, lining up alongside Standard Bank and Afreximbank in the race for renminbi transactions. Three major players on the continent are thus choosing the same Chinese currency for their operations.
This banking convergence is part of a broader Chinese interest in Africa. Beyond infrastructure, Beijing is also betting on other sectors, including energy, mining and industry.
What is Ecobank aiming for on the continent?
At its general meeting on 3 June in Lomé, Ecobank approved results described as historic. The shareholders’ meeting also confirmed a change in governance.
Now under Alain Nkontchou’s control, Ecobank makes no secret of its ambition: to become the financial engine of African integration.
This shift towards the renminbi points to a deep-seated trend: three major pan-African banks are choosing the same currency, just as Ecobank tightens its governance around Alain Nkontchou. For African companies trading with China, this closer tie to CIPS opens up a more direct settlement route, without replacing existing channels.
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