Pan-African financial institution Ecobank Group has entered into a new strategic partnership with Bank of China (Mauritius) Limited aimed at expanding trade finance, payment solutions, and cross-border banking services between Africa and China.
The agreement, formalised through a memorandum of understanding (MoU), was announced in a statement released by Ecobank. It builds on an existing relationship between the two banks and reflects renewed efforts to support the rapidly growing volume of economic activity linking both regions.
Responding to Expanding Trade Volumes
The partnership comes at a time when China continues to strengthen its position as Africa’s largest trading partner. Data from China’s General Administration of Customs shows that bilateral trade surpassed $300 billion for the first time, reaching $314.41 billion in the first 11 months of the year, representing a 17.8 per cent increase compared with the same period last year.
During that period, Chinese exports to Africa rose by 26.3 per cent, while imports from Africa increased by 5.2 per cent, underscoring the growing need for efficient financial infrastructure to support cross-border transactions.
Focus on Trade Finance and Renminbi Services
Commenting on the agreement, Ecobank Group Chief Executive Officer, Jeremy Awori, said the MoU reflects the increasing importance of China–Africa trade and the demand for reliable banking solutions.
He noted that the renewed collaboration would enhance trade finance, payment systems, and Renminbi-based services, enabling customers on both sides to conduct business more efficiently and transparently across borders.
Ecobank added that the agreement builds on a partnership that began in 2010 and follows renewed engagement earlier in the year, including a recent visit by Ecobank’s leadership to Bank of China’s headquarters.
Key Areas of Cooperation
Under the MoU, both institutions agreed to:
• Strengthen trade finance and cross-border settlement, in line with the objectives of the Forum on China–Africa Cooperation (FOCAC)
• Expand Renminbi settlement and financing solutions for African corporates, Chinese enterprises, and international traders
• Share technical expertise and operational knowledge to support sustainable financial sector development
• Explore syndicated loans and structured financing for projects involving Chinese participation in African markets
Broader Strategic Context
The partnership aligns with Ecobank Group’s wider strategy to deepen Asia–Africa trade and payment corridors, complementing other recent collaborations designed to promote financial integration across the continent.
Ecobank said the ultimate goal is to expand partnerships that drive economic development, investment, and inclusive growth throughout Africa.
The announcement comes shortly after Ecobank marked its 40th anniversary, a milestone celebrated with several events, including the unveiling of a commemorative plaque honouring the 70 founders of the bank and a gala attended by prominent stakeholders from Africa and beyond.
Sources: Africa Publicity
