Standard Bank processes $1.2 billion through China’s CIPS, deepening Africa‑China trade
Standard Bank, Africa’s largest lender by assets, has processed more than CNY 8 billion (about US$1.2 billion) in cross‑border payments through China’s Cross‑Border Interbank Payment System (CIPS). The bank became the first African institution authorised to settle transactions directly in Chinese renminbi (RMB) via CIPS, a service launched in June 2025.
Since then, CIPS access has been rolled out beyond South Africa to Angola, Ghana, Kenya, Lesotho and Tanzania, and the bank intends to extend the network to additional African markets by the end of 2026. The system bypasses intermediary currencies, lowering costs and settlement times for trade between Africa and China.
Standard Bank’s Africa Trade Barometer shows 35 % of businesses in ten African markets now favour Asian partners, up from 24 % a year earlier, and 67 % name China as their primary source of imported inputs, underscoring the growing economic linkage.
Entities: Africa · China · Cross‑Border Interbank Payment System (CIPS) · Ontiretse Modise · Standard Bank
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 3 SOURCES] Standard Bank processed more than CNY 8 billion (US$1.2 billion) in cross‑border payments through CIPS.
- [● 3 SOURCES] 67 % of surveyed African businesses cite China as their dominant source of imported inputs. (Standard Bank Africa Trade Barometer)
- [● 3 SOURCES] Standard Bank has expanded CIPS services to Angola, Ghana, Kenya, Lesotho and Tanzania.
- [● 3 SOURCES] Standard Bank is the first African bank authorised to process transactions directly through CIPS.
- [● 3 SOURCES] Standard Bank aims to extend CIPS access to additional African markets by the end of 2026.
- [● 3 SOURCES] 35 % of businesses in ten African markets now prefer Asian trading partners, up from 24 % a year earlier. (Standard Bank Africa Trade Barometer)
- [● 3 SOURCES] CIPS enables interbank payments between Africa and China using the Chinese renminbi (RMB) as settlement currency, reducing reliance on intermediary currencies.