Attijariwafa Bank Integrates with China's Payment Infrastructure
Attijariwafa Bank, a prominent Moroccan banking institution operating in a total of 27 countries, including 15 within Africa, has officially announced its integration into the Cross-Border Interbank Payment System (CIPS), China's framework for processing international payments in renminbi (RMB). This strategic move is aimed at streamlining commercial and financial transactions between Morocco and China, facilitating smoother trade relations between the two nations.
This integration is expected to empower corporate and institutional clients of Attijariwafa Bank to conduct transactions in Chinese currency with greater speed and efficiency. By utilizing CIPS, the bank aims to minimize the complexities and delays often associated with traditional banking routes, which typically involve multiple intermediaries, thus enhancing the overall efficiency of cross-border payments.
Adil Hajji, the Director of International Banking at Attijariwafa Bank, emphasized the significance of this integration, stating, "This membership enhances our ability to manage trade and investment flows between Morocco and China, providing our clients with optimal payment channels in RMB." However, the bank has not disclosed whether it holds a direct or indirect participant status within the CIPS framework, nor has it provided estimates on potential cost savings for its clients.
Following in the Footsteps of African Banking Leaders
Attijariwafa Bank's decision to join CIPS aligns it with a growing trend among leading African banks. Notably, Standard Bank became the first African bank to gain direct access to CIPS in June 2025, with their services officially launched later that year in November. By July 2026, Standard Bank reported processing over 8 billion yuan, equivalent to approximately 1.2 billion dollars, through this platform, extending its services across several African markets including Angola, Ghana, Kenya, Lesotho, and Tanzania.
In June 2026, Standard Bank further advanced its capabilities, collaborating with its primary shareholder, the Industrial and Commercial Bank of China (ICBC), to facilitate RMB payment settlements across 19 African nations. This capability allows them to offer RMB compensation services to other financial institutions on the continent. More recently, Ecobank, a pan-African banking group operating in 34 markets, announced on October 12, 2026, the signing of a memorandum of understanding with CIPS to enhance yuan settlement capabilities between China and African economies.
It is important to note that while these initiatives are promising, they are at varying stages of development: Standard Bank is actively processing transactions via CIPS, Ecobank has established a cooperation agreement, and Attijariwafa Bank has announced its membership without detailing technical specifics.
Launched in 2015, CIPS is a pivotal component of China's strategy to internationalize the renminbi. Its expansion in Africa could enable more businesses to settle payments with Chinese suppliers without relying on the US dollar as an intermediary currency. However, the adoption of RMB does not eliminate currency risk; actual gains will depend on various factors including conversion costs of African currencies, liquidity, and the fees charged by banking institutions.
As reported by agenceecofin.com.
