The Ecobank Group has signed a memorandum of understanding with Bank of China (Mauritius) Limited to deepen cooperation in trade, payments and financial services that support economic activity between China and Africa.

This was disclosed in a statement on the website of the pan-African banking group.

According to data recently released by China’s General Administration of Customs, China remains Africa’s largest trading partner. Bilateral trade exceeded the $300bn mark for the first time, reaching $314.41bn in the first 11 months of the year, up 17.8 per cent year-on-year. Over the same period, Chinese exports to Africa rose 26.3 per cent year on year, while imports from Africa increased 5.2 per cent on an annual basis.

Commenting on the MoU, the Chief Executive Officer of Ecobank Group, Jeremy Awori, said the signing reflects the growing importance of China-Africa commerce and the need for reliable financial infrastructure to support it.

“China-Africa economic ties continue to expand, and our customers on both sides rely on efficient and transparent financial solutions. This renewed partnership with the Bank of China will help deliver concrete results in trade finance, payments and Renminbi capabilities. We look forward to integrating this cooperation across our network to better serve clients and strengthen the broader China-Africa economic corridor,” he said.

Ecobank asserted that the memorandum was built on a partnership established in 2010 and followed renewed engagement earlier this year, including a recent visit by Ecobank Group’s leadership to Bank of China’s headquarters.

Both institutions agreed to reinforce their long-standing relationship and to work toward practical outcomes that benefit clients across their networks.

Under the memorandum, Ecobank Group and Bank of China (Mauritius) will explore greater collaboration aligned with the objectives of the China-Africa Cooperation Forum to strengthen trade finance and cross-border settlement.

Under the initiative, they will leverage their respective capabilities to support their clients with Renminbi solutions by providing African corporates, Chinese enterprises and cross-border traders with more efficient settlement and financing options.

Ecobank Group and Bank of China (Mauritius) will share knowledge and technical expertise related to banking operations and financial sector developments to support sustainable economic and trade growth.

Both parties will also explore opportunities to jointly structure syndicated loans and other financing solutions for projects involving Chinese stakeholders in African markets.

The signing supports Ecobank Group’s broader strategy, alongside other recent partnerships, to reinforce the Asia-Africa payments and trade corridors.

The ultimate objective is to expand partnerships that advance financial integration and economic development across the continent.

Meanwhile, Ecobank recently held events to commemorate its 40th anniversary, one of which was the unveiling of a commemorative plaque honouring the seventy visionaries who created the bank forty years ago, and a gala evening that brought together distinguished guests from across Africa and beyond.