Semafor published on 12 October 2026 an article titled "Ecobank Arees to Join Chinese Payment Platform."
Togo-based Ecobank has joined a growing number of African banks by agreeing to a partnership with the China Interbank Payments System (CIPS) to enable transaction settlements in the yuan currency.
The Nanyang Technological University published on 28 August 2026 an article titled "Growing Chinese Influence in African Fintech" by Rafia Raji.
Two Chinese fintech companies, Opay and PalmPay, focus primarily on Nigeria where they have made significant inroads into the digital financial sector. They are becoming competitive digital banks in Nigeria. African partnerships with Chinese fintechs are adding to China's engagement in digital banking across the continent.
Business Insider Africa published on 24 September 2026 an article titled "Rwanda's Most Important Bank Joins China's Payment Network as Africa's De-dollarisation Push Grows" by Chinedu Okafor.
Rwanda's Bank of Kigali has joined China's cross border payment network known as CIPS. This is one more indication that African banks are seeking to de-dollarize.
The Middle East Monitor published on 19 July 2026 an article titled "Libya Joins China's Payment System, Reducing Reliance on US Dollar."
The governor of the Central Bank of Libya and the governor of the People's Bank of China agreed to connect Libyan commercial banks to China's Cross-Border Interbank Payment System (CIPS). This will facilitate international transfers using the Chinese yuan, reducing reliance on the US dollar by eliminating the need to process transactions through intermediary banks.
Serrari posted on 4 August 2026 an article titled "Stanbic Bank Kenya Launches RMB Payments Through CIPS" by Montel Kamau.
Stanbic Bank Kenya has introduced direct Renminbi payment processing through China's Cross-Border Interbank Payment System (CIPS). Businesses importing goods or services from China can now settle eligible transactions without routing every payment through longer conventional correspondent-banking chains.
Comment: This is one more indication of China's currency making inroads in the banking system of the Global South.
Uganda's The Observer published on 5 December 2025 an article titled "China's Payment System Gains Ground in Africa as Afrexim, Standard Join In."
Afreximbank, Africa's multilateral trade bank, became the first major African institution to join China's Cross-Border Interbank Payment System (CIPS), enabling direct and cheaper yuan transactions. Standard Bank Group, the continent's largest lender, followed suit. CIPS gives China an alternative to the Western world's SWIFT.
The Industrial and Commercial Bank of China (ICBC) owns 20 percent of the Standard Bank Group while the Export-Import Bank of China holds at least 6 percent of Afreximbank.
The Nanyang Technological University posted on 26 June 2025 an article titled "Yuan Payments System Makes Inroads in Africa."
China has added two African financial institutions--African Export-Import Bank and the Johannesburg-based Standard Bank--to its Cross-border Interbank Payments System (CIPS), which is an alternative to the Swift international payments network.
CIPS enables Chinese and foreign banks to clear and settle cross-border payments in Chinese Yuan. The system is a key part of China's strategy to promote the use of the Yuan in global trade and insulate it from potential adverse Western actions.
