Stanbic Bank launches direct Chinese Yuan settlement in Tanzania and Ghana

Stanbic Bank has expanded its direct access to China’s Cross-Border Interbank Payment System (CIPS) to Tanzania and Ghana, allowing corporate clients to settle transactions directly in Chinese Yuan (renminbi).

In Tanzania, the service provides a bank-to-bank route into China’s payment infrastructure, bypassing the need for multiple correspondent banks and dollar conversions. This direct settlement aims to reduce transaction costs and shorten the time required for payments. The move follows a significant trade imbalance, with Tanzania importing $5.64 billion in goods from China last year compared to $512.6 million in exports.

In Ghana, Stanbic Bank Ghana has become the first local bank to offer direct CIPS access following approval from the Bank of Ghana. The service is designed to assist importers, as well as individuals making remittances or paying for medical and tuition fees, by reducing reliance on intermediary banks and addressing foreign exchange liquidity constraints.

These rollouts are part of a broader continental expansion by Standard Bank Group, which has already implemented similar services in South Africa, Angola, Kenya, and Lesotho. In June 2026, the People’s Bank of China authorized Standard Bank and ICBC to operate renminbi clearing arrangements across 19 African countries.