Ecobank to Deploy CIPS Across 35 Countries in Africa

On10 October 2026, Ecobank Group signed a Memorandum of Understanding with Cross-Border Interbank Payment System (CIPS) during signing ceremony at the Peninsula Hotel in WAngfujing in Beijing. Ecobank plans to deploy the Chinese international payment system in its network of 35 countries across Africa.

Ecobank CEO Jeremy Awori and COPS Chairman WANG Hongbo signed the agreement and was witnessed by Togo’s President Faure Gnassingbe and Minister of Finance Essowe Barcola during the state visit to China. At the same time, Ecobank officially inaugurated its Beijing office.

To complement the CIPS deal, Ecobank also signed a partnership agreement with Bank of China that expanded on an existing MoU with Bank of China, Mauritius Branch to promote renminbi clearing and trade finance across its banking network.

Ecobank has an extensive footprint in Africa covering 35 countries. In addition, it has offices in Paris, London, Dubai, and now, in Beijing. Togo is part of the West African Economic and Monetary Union (WAEMU) where most member states use the CFA (XOF) as a common currency.

In 2025, China-Africa trade reached USD 348 billion. South Africa-based Standard Bank Group — which has a similar agreement — processed more than USD 1.2 billion across 21 African countries during the first half of 2026.