In a significant development for China-Africa economic cooperation, Ecobank Group, the leading pan-African financial services provider, has signed a memorandum of understanding (MoU) with Bank of China (Mauritius) Limited to deepen collaboration in trade finance, cross-border payments, and financial services that underpin commerce between China and African markets.
The agreement, finalised on December 22, 2025, in Togo’s capital, builds on a partnership originally established in 2010 and reflects renewed engagement between the two institutions against the backdrop of growing China-Africa trade volumes and financial integration. Under the MoU, Ecobank and Bank of China will combine their capabilities to enhance trade finance solutions, facilitate RMB (Renminbi) settlement services, and improve financing access for corporates, cross-border traders and project sponsors operating across the two regions.
Jeremy Awori, CEO of Ecobank Group, said the strengthened cooperation responds to strong demand for efficient, transparent and cost-effective financial services in China-Africa commerce. “China-Africa economic ties continue to expand, and our customers on both sides rely on reliable financial infrastructure to support trade and investment flows,” Awori said. He added that expanded collaboration will help integrate financial solutions across Ecobank’s pan-African network and Bank of China’s global footprint.
The MoU outlines several areas of strategic engagement:
Enhanced Trade Finance: Both banks will explore co-structuring syndicated loans and financing solutions tailored to cross-border projects involving Chinese and African enterprises.
RMB Settlement and Cross-Border Payments: The partnership will expand RMB denominated services – including local currency settlement options to support traders and investors navigating foreign exchange dynamics.
Knowledge and Expertise Sharing: The two banks will exchange technical knowledge on banking operations and financial market developments, strengthening institutional capacity.
Bank of China with existing operations in multiple African countries, including Zambia and Mauritius, has been enhancing the reach of RMB services on the continent. In Zambia, for example, Bank of China marked 10 years as an RMB clearing bank, playing a role in facilitating cross-border financial flows and fostering trade and investment cooperation.
This new agreement comes amid broader efforts to deepen financial cooperation between China and African partners, a key dimension of the Forum on China-Africa Cooperation (FOCAC) action plan. China has pledged significant financial support to Africa under initiatives that include credit lines, infrastructure financing, and trade facilitation measures designed to support sustainable development and economic integration.
Ecobank’s strategy also emphasises expanding connections between Africa and Asia. Its representative office in China and dedicated China desk have been central to building financial bridges that serve both regions’ commercial ecosystems, from corporate banking to SME trade services. Prior collaborations such as Ecobank’s MoU with China’s XTransfer to provide cross-border payment solutions for African SMEs, illustrate the bank’s focus on advancing financial inclusion and market access.
Furthermore, Ecobank’s recognition as Best Trade Finance Bank in Africa in 2025 highlights its pivotal role in facilitating trade flows and supporting economic resilience across the continent.
The Ecobank-Bank of China partnership demonstrates a maturing phase of China-Africa financial collaboration that goes beyond traditional project financing to include modern trade, settlement and currency solutions. By enabling smoother payments, innovative financing structures and expanded RMB services, the agreement aims to reduce transaction costs, support investment, and enhance confidence among businesses operating in both regions.
This collaboration aligns with broader global efforts to integrate financial markets, strengthen economic corridors, and build resilient, diversified economies in Africa and Asia, supporting long-term China-Africa economic partnership in an increasingly interconnected world.
