Ecobank Group signed a memorandum of understanding with China's Cross-Border Interbank Payment System to strengthen renminbi payment connectivity between China and Africa. The signing took place in China on 10 October, and Ecobank published its confirmation on 12 October. The memorandum establishes cooperation but does not show that a technical connection or customer service is already live.
Reuters had reported the planned signing after interviewing Ecobank chief executive Jeremy Awori. He said the bank operates across 34 African countries and that demand for direct settlement into renminbi was increasing with trade. The first-party announcement now confirms that the planned memorandum was executed.
CONNECTING TWO PAYMENT NETWORKS
CIPS provides clearing and settlement infrastructure for cross-border renminbi payments. Awori told Reuters that it connects more than 5,000 banks in over 100 countries and territories. Ecobank said the cooperation is intended to link that infrastructure with its African banking and payments network.
The lender is also discussing yuan-settlement services with Bank of China, according to Reuters. That prospective product is separate from the signed CIPS memorandum and has not yet been announced as operational. The memorandum therefore marks an institutional agreement, not evidence of live transaction volumes.
ROLLOUT DETAILS ARE STILL PENDING
The parties did not publish an implementation timetable, technical participation status or list of the first Ecobank markets to receive services. They also disclosed no pricing, settlement volumes or launch date. Those details will determine how quickly the agreement changes payment options for African businesses trading with China.
The next milestone will be confirmation of CIPS connectivity or a named renminbi settlement service in Ecobank's network. Until that happens, the signed memorandum resolves the earlier uncertainty over execution while leaving the operational rollout conditional.