Pan-African banking group Ecobank and Bank of China (Mauritius) have signed a new memorandum of understanding aimed at strengthening financial links and facilitating trade between Africa and China, as commercial exchanges between the two regions continue to expand.
The agreement, signed on December 22, builds on a partnership that began more than 15 years ago and focuses on expanding trade finance and cross-border payment solutions, including transactions denominated in the renminbi. The two banks said the initiative would help African and Chinese businesses access faster, more secure settlement mechanisms for international trade.
Under the MoU, Ecobank and Bank of China will also collaborate on sharing technical and operational expertise, with potential joint work on syndicated loans and other financing structures to support investments involving Chinese stakeholders across Africa.
Ecobank Group Chief Executive Officer Jeremy Awori said the renewed partnership is expected to deliver tangible outcomes in trade finance, payments, and renminbi-based solutions, which will be rolled out across Ecobank’s pan-African network to better serve clients engaged in China–Africa trade.
The agreement comes against the backdrop of rapidly growing economic ties between China and Africa. China remains the continent’s largest trading partner, with bilateral trade exceeding $300 billion for the first time this year.
According to data from China’s General Administration of Customs, China–Africa trade reached US$314.4 billion in the first 11 months of the year, up 17.8 percent year on year. Chinese exports to Africa rose 26.3 percent over the period, while imports from Africa increased by 5.2 percent.
