Ecobank, Pan-African lender, said it is in advanced talks with the Bank of China to set up a direct yuan settlement system by the end of 2026, eliminating the need to use the U.S. dollar as an intermediary in trade with China.

For traders in Lagos, Nairobi or Lomé sourcing goods from China, payments have so far been complex and costly.

Paying a supplier in Guangzhou typically requires converting local currency into dollars, then into yuan.

The two-step process increases banking fees and cuts into margins.

Ecobank aims to remove that constraint.

“We are looking at opportunities for us to settle with, instead of going through the dollar, we do it directly with the Chinese yuan,” Jeremy Awori, chief executive, Ecobank told Reuters.

The move reflects current trade dynamics: China is Africa’s largest trading partner by a wide margin. Chinese exports to Africa rose 26% to $225 billion in 2025, contributing to a record $348 billion in total trade.

Beijing has also expanded its financial footprint, with around $39 billion in new contracts signed in 2025, making it the largest bilateral investor by new flows.

Ecobank’s talks with the Bank of China are part of a broader shift across Africa to reduce reliance on the dollar.

In November, South Africa’s Standard Bank took a similar step by joining China’s Cross-Border Interbank Payment System (CIPS).

Across the continent, governments and financial institutions are seeking alternatives to a currency that has become costly and harder to access. Backed by the African Union, the Pan-African Payment and Settlement System (PAPSS) is already reducing conversion costs for intra-African trade. Some countries are moving further: Tanzania and Zambia have restricted the use of the dollar in domestic transactions, while the Democratic Republic of Congo plans to do the same next year.

The trend is also supported by the growing influence of the BRICS+ bloc, which Egypt and Ethiopia have joined and which is promoting a more multipolar financial system.

China is no longer the only player pursuing this strategy.

A high-stakes contest is emerging with the United Arab Emirates for financial and logistical influence in Africa.

Abu Dhabi is expanding its presence through investments in ports and energy infrastructure, alongside financial initiatives.

The UAE has signed multiple currency swap agreements with countries including Egypt, Ethiopia, Kenya and Nigeria to facilitate transactions in dirhams and local currencies, reducing reliance on the U.S. dollar.

Cross River State Government said it has identified and isolated 10 persons who interacted with a Chinese national who reimported COVID-19 into Nigeria.

Nigeria Centre for Disease Control and Prevention (NCDC) while confirming a case of COVID-19 in the state, assured the public that there is no evidence of widespread transmission.

But, Dr. Inyang Ekpenyong, state epidemiologist, disclosed that the individuals were traced through contact tracing after interacting with the index case (Chinese national) and have since been placed under movement restriction.

“We’ve restricted their movements to their homes, so that they do not spread the symptoms to other persons,” Ekpenyong said, noting that the contacts were under close monitoring by health officials.

She added that surveillance teams had visited the expatriate’s workplace in Akamkpa to track possible exposure and prevent further transmission.

The affected Chinese national is currently receiving treatment at the University of Calabar Teaching Hospital (UCTH), where authorities said he was responding positively.

Ekpenyong reminded residents that COVID-19, despite first emerging about six years ago, has not been eradicated, urging continued adherence to preventive measures.

She advised the public to maintain regular hand sanitisation, use face masks where necessary, and follow public health guidelines issued by experts.

But, Dr. Jide Idris, director general, NCDC, said, “Public health surveillance systems remain active nationwide, and we are working closely with state authorities to ensure early detection and swift response to any case.”

In a statement on Wednesday, Dr. Idris, said there is no cause for alarm, adding that “We are monitoring the situation closely and our response systems are active and working,”.

Earlier, Dr. Henry Egbe Ayuk, state commissioner for Health,  confirmed the first case and assured residents that all necessary containment protocols had been activated.

According to Ayuk, the index case involves a 53-year-old Chinese national who arrived in Nigeria on March 17 and later developed symptoms while in Akamkpa.

He explained that the patient’s condition worsened while receiving treatment at a state facility before he was transferred to UCTH for advanced care.

“At the facility, samples were taken in line with established protocols, and it was confirmed that the patient showed symptoms of COVID-19,” Ayuk said.

“We are, however, happy to report that he is doing well,” he added.

The commissioner stressed that the state’s health system has been strengthened to respond effectively to outbreaks, with surveillance mechanisms fully operational across Cross River State.

He acknowledged the presence of occasional silent infections but maintained that the government remained prepared to manage any public health threat.

“But we are determined that for every ailment, every disease or outbreak, if it is identified here in the state, there should be no alarm. The state will do well in terms of surveillance or containment of an outbreak. Whatever it is, we will do our best to contain it. So, there is no alarm,” Ayuk stated.

Ayuk further noted that COVID-19 remains a global concern, warning that cross-border movement of infected individuals continues to pose risks.

“COVID-19 is not peculiar to Nigeria. But we’re determined to contain it. There’s no cause for alarm,” he said.

Vivo, Chinese smartphone maker has signed a memorandum of understanding (MoU) with Credit Direct, Nigerian consumer finance company to launch a device financing programme in the country.

L-R: Toni Liu, CEO, vivo Nigeria, and Chukwuma Nwanze, MD/CEO, Credit Direct, at the MoU signing in Lagos

This initiative aims to remove barriers to smartphone ownership while supporting Vivo’s expansion strategy in Nigeria.

Under the terms of the agreement, customers can purchase a Vivo smartphone by paying 20% upfront and spreading the remaining balance over six months.

Credit Direct will provide the financing.

Both companies target sales of more than 200,000 devices in the first year.

“People who need smartphones but cannot pay upfront can now do so through a payment plan that does not strain their monthly income. Our mission has always been to make financial solutions a universal opportunity, and this is exactly what this represents in practice. I am truly excited about what we can achieve together,” said Chukwuma Nwanze, chief executive officer of Credit Direct.

This initiative comes as smartphone financing programs gain momentum across Africa, where device affordability remains a key barrier to mobile internet adoption.

According to the GSMA, the median cost of an entry-level smartphone in Nigeria fell from $84 in 2018 to $18 in 2024, reducing its share of average monthly income to 26%.

However, currency depreciation and rising living costs have offset much of this progress.

For the poorest 40% of Nigerians, an entry-level smartphone still represents 56% of monthly income, while it accounts for 73% for the poorest 20%, highlighting persistent affordability constraints among vulnerable households.

Despite these challenges, smartphone ownership reached only 27% in Nigeria in 2024, according to the GSMA, leaving significant room for growth.

Data from StatCounter shows that Vivo held a 1.18% market share at the end of March 2026.

The company remains far behind market leader Tecno with 18.72%, followed by Infinix at 16.28%, Samsung at 15.4%, Apple at 14.15%, and Xiaomi at 8.17%.

Other players such as Oppo, Itel, and Huawei also operate in the market.