What if African companies could settle their Chinese trade invoices without repeatedly converting currencies, absorbing delays, and paying layered fees? That is the strategic question at the heart of a protocol of agreement signed in Beijing on 10 October 2026 between pan-African banking group Ecobank and CIPS, China’s cross-border interbank payment system. The deal aims to make it easier for African firms and their Chinese counterparts to settle transactions in renminbi — the Chinese currency also known as the yuan. The signing took place on the sidelines of an official visit to China by Togolese Council president Faure Gnassingbé, in the presence of Togo’s minister of finance and budget, Essowè Georges Barcola.
What the agreement actually covers
The protocol is designed to widen yuan payment and clearing capacity between the two regions, streamline cross-border settlements, and improve how businesses access financial channels. Ecobank, headquartered in Lomé and operating across 34 African markets, wants to serve importers, exporters, and investors active along the China-Africa corridor more effectively.
The stakes for companies moving goods and money
For businesses, international payments often mean waiting periods, transaction costs, and multiple currency conversions. Using the yuan creates an additional option to settle certain commercial operations directly with China. It can reduce the complexity of those transactions — though the agreement does not mean that every payment between Africa and China will now be made in Chinese currency.
The move comes amid a sharp rise in Sino-African trade, which reached roughly 348 billion dollars in 2025, according to data cited by Ecobank and Ecofin Agency. China remains the continent’s leading trading partner. In that context, payment and settlement infrastructure is becoming a critical issue for companies trading between the two regions.
A broader push into the Chinese market
Ecobank has had a presence in China since 2012 and is opening new offices in Beijing. That base serves as a contact point for Chinese companies, financial institutions, and investors looking to expand their activities in Africa. The group also relies on teams dedicated to Chinese clients in West, Central, and East Africa, alongside its trade finance, payment, and cash management services.
The CIPS partnership adds to other Ecobank initiatives, including its cooperation with Bank of China (Mauritius) and cross-border payment platforms such as XTransfer, YeePay, and WorldFirst. It fits into a strategy of better connecting the group’s African banking network with Chinese businesses.
Why this is not a dollar-ending moment
This development contributes to the internationalisation of the yuan and the diversification of settlement methods. It does not mean the dollar immediately loses its dominant place in global trade: yuan payments represent an additional channel, and how far it grows will depend on adoption by companies and banks.
