Stanbic Bank Ghana launches direct yuan settlement via CIPS

Stanbic Bank Ghana has become the first bank in the country to offer clients direct access to the China Cross‑Border Interbank Payment System (CIPS) after receiving approval from the Bank of Ghana. The service lets businesses, individuals and importers settle Chinese‑yuan payments directly from their Ghana‑cedi accounts, bypassing SWIFT and reducing foreign‑exchange costs.

The rollout is part of Standard Bank Group’s continental expansion of CIPS, now operating in six African markets – South Africa, Angola, Kenya, Lesotho, Tanzania and Ghana. Ghana’s trade with China reached a record $14.1 billion in 2025, making China its largest trading partner. Stanbic Bank Ghana CEO Kwamina Asomaning said the launch “simplifies, speeds and makes more efficient” cross‑border trade, while the People’s Bank of China’s CIPS platform provides a secure, bank‑to‑bank yuan settlement route.