Ecobank joins China’s CIPS for yuan settlements

Ecobank has agreed to join CIPS as a direct participant, following in the footsteps of Standard Bank and Bank of Kigali within the network Ecobank has agreed to join the Cross-Border Interbank Payment System (CIPS) for transactions in yuan, the group’s CEO, Jeremy Awori , told Reuters . Awori described CIPS as “a key part of the infrastructure supporting international RMB (renminbi) payments” and said the network connects more than 5,000 banks across over 100 countries and territories . The agreement links China’s leading payments infrastructure to Ecobank’s banking and payments network, which operates in 34 African countries.