Ecobank Signs RMB Payment Cooperation Memorandum with CIPS

On October 12, Ecobank, a pan-African commercial bank, signed a memorandum of understanding with the Cross-Border Interbank Payment System Co., Ltd. (CIPS) to enhance the connectivity of RMB payments between China and Africa. The signing ceremony took place under the witness of the Minister of Finance and Budget of the Republic of Togo, coinciding with the official visit of Togo's Prime Minister, Victoire Tomegah Dogbé, to China. Jeremy Awori, CEO of Ecobank Group, stated that the cooperation will strengthen the connectivity between the Chinese RMB payment ecosystem and Ecobank's African network, aiming to facilitate Chinese enterprises' 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 collaboration is anticipated to make RMB payments smoother, reduce settlement complexities, 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, covering 34 sub-Saharan African countries as well as France, the UK, the UAE, and China, with over 14,000 employees serving more than 32 million customers.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.