Ecobank and Bank of China Collaborate on Yuan Settlement Initiative
Ecobank is collaborating with Bank of China to introduce a local-currency-to-yuan settlement product by year-end. This initiative aims to facilitate trade between Africa and China, reducing reliance on the US dollar for cross-border transactions.
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Ecobank plans to launch a direct yuan settlement product with Bank of China by the end of the year, responding to increased trade ties between Africa and China. The initiative is part of a broader trend among African nations to seek alternatives to dollar-based payments, as demonstrated by Standard Bank's authorization to use China's Cross-Border Interbank Payment System (CIPS).
Ecobank is also expanding its China office and investing in payment infrastructure to support this shift. The bank reported a significant profit increase in 2025, driven by corporate restructuring mandates and financing deals. With uncertainty in global markets, Ecobank aims to enhance efficiency and invest in automation and digital services.
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