On 1 September, YeePay announced a formal announcement of strategic cooperation with Ecobank, an African financial institution. The two sides will work together to expand cross-border payment operations, building on their respective strengths in payment technologies and local networks, to provide efficient, easy and secure payment solutions for trade and economic transactions in Central Africa.
According to the announcement, the cooperation will be fully collaborative around cross-border payments. At the end of the payment process, e-payments will be further integrated with Ecobank ‘ s local payment network to increase the efficiency of financial flows, taking into account its extensive experience in such areas as opening accounts and receiving payments. This will help Central African enterprises reduce friction in cross-border transactions, such as the simplification of remittance processes and real-time settlement. In the area of liquidation networks, the parties plan to work together to create efficient and easy cross-border trading networks to ensure the security, compliance and rapid flow of funds, thereby reducing transaction costs and increasing the overall payment experience.
This cooperation is an important step forward in the development of cross-border payments in Central Africa. The two sides will contribute to the upgrading of economic cooperation in Central Africa by providing a more comprehensive scenario solution through the payment of services linking up and down the industrial chain.
YeePay, one of the first enterprises in China to obtain cross-border payment licences, focuses on innovative payment solutions and value-added financial services, mainly for electricians, traditional industries and leading Internet companies. It provides a personalized model of payments for the B2B sector, including opening of accounts, collection of payments, multi-currency settlements, and supports global payment networks in over 130 countries and real-time settlements in over 30 currencies.
Ecobank, known as Ecobank Transportal Incorporated (ETI), is a pan-African banking group founded in 1985 and based in Lomé, Togo. Operating in 33 African countries, it provides wholesale, retail, investment and trading banking services and is one of the largest employers in the financial sector in Central Africa. Ecobank originated from a private initiative of the West African Federation of Chambers of Commerce aimed at establishing a banking network covering Africa as a whole.
Currently, Ecobank serves more than 8.4 million clients and expands its operations through subsidiaries and partners, focusing on digital banking and inclusive finance. Ecobank emphasizes the role of regional commercial banks, supports CEMAC and plays a key role in payment infrastructure.
Economic and trade cooperation in Central Africa has grown rapidly in recent years, reaching $29,5267 million in trade in Central Africa in 2024, of which the digital economy is increasing. As China ‘ s first enterprise to obtain a cross-border payment licence, e-money payments have covered over 130 countries and supported real-time settlements in over 30 currencies. Ecobank, as the leading financial institution in Africa, has extensive branches and digital payment infrastructure in 35 African countries. This cooperation combines the global network of e-payments with the local advantages of Ecobank or will significantly lower the threshold for cross-border transactions in Central Africa and promote the participation of small and medium-sized enterprises in international trade.
This initiative responds to global trends in cross-border payment markets. According to Straits Research, the global B2B payment market is expected to be close to $2.5 trillion by 2032, with a compound annual growth rate of 9 per cent. In the Central African context, this cooperation may help African businesses to gain easier access to the Chinese market, while providing Chinese enterprises with “digital access” to Africa, such as support for mobile payments and real-time foreign exchange settlements.
