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3 clusters · 9 sources · 18 days · First seen · Last updated

Africa-China CIPS expansion

Overview

In late July 2026, Standard Bank reported processing more than CNY 8 billion (≈US$1.2 billion) in cross-border payments through China’s Cross-Border Interbank Payment System (CIPS). As the first African institution authorized to settle directly in RMB via CIPS, the bank has expanded access beyond South Africa to Angola, Ghana, Kenya, Lesotho, and Tanzania. This expansion aims to bypass intermediary currencies, reducing costs and settlement times for Africa-China trade.

Standard Bank’s Africa Trade Barometer indicates a shift in regional commerce, noting that 35% of businesses in ten African markets now favour Asian partners, up from 24% the previous year, with 67% identifying China as their primary source of imported inputs.

Following approval from the Bank of Ghana, Stanbic Bank Ghana launched direct yuan settlement, allowing businesses and individuals to pay from cedi accounts while bypassing SWIFT. This service addresses foreign exchange liquidity constraints and supports Ghana’s record $14.1 billion trade volume with China. Simultaneously, the bank expanded CIPS access in Tanzania to mitigate transaction costs and shorten payment times, particularly relevant given Tanzania’s $5.64 billion import volume from China.

These developments follow a June 2026 authorization by the People’s Bank of China for Standard Bank and ICBC to operate renminbi clearing arrangements across 19 African countries.

Entities

Standard Bank Group · Ontiretse Modise · Stanbic Bank Ghana · China · People's Bank of China

Timeline

  1. 15 days ago

    [BUSINESS] 2 sources
    Stanbic Bank launches direct Chinese Yuan settlement in Tanzania and Ghana

    Stanbic Bank has launched direct Chinese Yuan settlement services in Tanzania and Ghana via China’s CIPS, aiming to reduce transaction costs and reliance on US dollar conversions for trade.

  2. 24 days ago

    [BUSINESS] 3 sources
    Stanbic Bank Ghana launches direct yuan settlement via CIPS

    Stanbic Bank Ghana, approved by the Bank of Ghana, now offers direct yuan settlement via China’s CIPS, easing trade with China and joining Standard Bank’s African rollout.

  3. about 1 month ago

    [BUSINESS] 5 sources
    Standard Bank processes $1.2 billion through China’s CIPS, deepening Africa‑China trade

    Standard Bank processed over CNY 8 bn via China’s CIPS, expanding the service to five African countries and planning further roll‑outs by 2026, as trade with China intensifies.

Sources

africa.businessinsider.com · bergischeuhren.de · ecofinagency.com · ghanamma.com · myjoyonline.com · newsghana.com.gh · techafricanews.com · thevaultznews.com · wgna.com

This summary has been updated 1 time: see revision history