MOROCCO · BANKING
Key Facts
- —The country Morocco is a North African kingdom on the Atlantic and Mediterranean coasts, with Casablanca as its commercial capital and the dirham as its currency.
- —What happened Attijariwafa bank announced on Tuesday 20 October that it has joined CIPS, China’s payment network for settling cross-border trade in yuan.
- —The bank Attijariwafa is the largest bank in Morocco and the 5th largest in Africa by total assets, formed in 2004.
- —The system CIPS clears and settles cross-border payments in the renminbi, the official name of the yuan, and runs on the ISO 20022 data standard.
- —Who benefits Moroccan companies and institutional clients of the bank that pay Chinese suppliers or receive payments from China.
- —The trend Ecobank, a pan-African lender, announced a move toward CIPS earlier in October, so African banks are linking up with it one after another.
- —Still open The go-live date, the fees and the expected payment volumes have not been stated.
Morocco’s biggest bank, Attijariwafa, has joined China’s CIPS, a payment network that settles cross-border trade in yuan instead of US dollars. LesEco, a Moroccan business news site, reported the connection on Tuesday 20 October.
For US readers, the step shows a major Moroccan bank adding a direct route for trade with China that does not pass through the dollar. It matters to investors in African banks and to US firms that sell to or buy from Morocco.
What Attijariwafa Announced on 20 October
Morocco’s biggest bank joined the Cross-Border Interbank Payment System, known as CIPS, LesEco reported on Tuesday 20 October. The system is a Chinese infrastructure that clears and settles cross-border payments in the renminbi, the official name of the yuan.
Companies and institutional clients of the bank in Morocco can now pay in Chinese currency through faster and more efficient channels, LesEco wrote. The set-up follows ISO 20022, the international standard for exchanging financial data between banks.
What the Bank Says About the Move
Adil Hajji, who directs International Banking at Attijariwafa bank, said the membership strengthens its ability to serve trade between Morocco and China. In his words, it offers clients “the best settlement channels in RMB”, the abbreviation for renminbi.
LesEco adds that CIPS can cut processing times and simplify correspondent banking, the chains of intermediary banks that pass a payment along. It also gives companies more freedom in choosing the currency for international deals.
Where Attijariwafa Stands Among African Banks
Morocco’s biggest bank is Attijariwafa, the 5th in Africa by total assets, according to its investor relations page. It was created in 2004 by merging Banque Commerciale du Maroc, founded in 1911, and Wafabank, founded in 1904.
On Thursday 1 October 2026 the group also announced the purchase of Société Générale’s unit in Ghana, which the Rio Times covered at the time. With the CIPS link, Morocco’s biggest bank adds a payments tool to a bank that is growing beyond Morocco.
A Wider Shift Toward Yuan Payments in Africa
LesEco says African banks are taking a growing interest in Chinese payment infrastructure, and Ecobank announced its own move toward CIPS in early October. Ecobank is a pan-African bank that serves customers across the continent.
Earlier Rio Times coverage of South Africa’s Standard Bank described the same trend from Johannesburg. Attijariwafa had already signed up to the Swift Payments Scheme, Le360 reported on Monday 7 September, with a staged rollout over the coming months.
What It Means for US Readers
Now that Morocco’s biggest bank is on the network, US exporters and investors with Moroccan clients may meet yuan payments more often. The dollar is not replaced, since LesEco stresses that traditional payment channels stay.
Investors who follow Attijariwafa should watch whether the new tool brings extra fee income or trade-finance business, which the bank has not quantified. The service is described for companies and institutional clients, not for everyday retail accounts.
What Is Not Known
Neither LesEco nor the quoted statement gives a start date, fees or expected payment volumes for the new service. It is also open whether Attijariwafa joined as a direct participant of CIPS or through a partner bank.
The size of Morocco’s trade with China that could move into yuan is not stated. It is also open whether other Moroccan banks will follow Attijariwafa onto the network.
More: Morocco news in English, every day from The Rio Times.
Frequently Asked Questions
What is CIPS?
CIPS is the Cross-Border Interbank Payment System, a Chinese network that clears and settles international payments in the renminbi. LesEco describes it as infrastructure for cross-border payments in Chinese currency.
What did Attijariwafa bank announce?
Attijariwafa joins CIPS, LesEco reported on Tuesday 20 October. Companies and institutional clients of the bank can use it to pay in yuan.
Does this replace the US dollar in Moroccan trade?
No, the dollar and other currencies remain available. LesEco says the move diversifies the solutions offered to companies rather than abandoning traditional channels.
Who is Attijariwafa bank?
It is Morocco’s biggest bank and the 5th in Africa by total assets, according to its investor relations page. It was formed in 2004 by a merger of two older Moroccan banks.
Which other African bank is moving toward CIPS?
Ecobank, a pan-African lender, announced a move toward CIPS in early October, LesEco wrote. It aims to ease trade settlement between China and Africa.
Sources: LesEco.ma (Casablanca), 20 October 2026; Le360 (Morocco), Swift Payments Scheme, 7 September 2026; Attijariwafa bank, investor relations, 20 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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