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Africa-China CIPS expansion

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-08-04 15:43 UTC → 2026-08-15 00:52 UTC · added removed

In late July 2026 2026, Standard Bank, Africa’s largest lender, Bank reported processing more than CNY 8 billion (≈US$1.2 billion) in cross‑border cross-border payments through China’s Cross‑Border Cross-Border Interbank Payment System (CIPS). The bank became As the first African institution authorized to settle directly in RMB via CIPS, a service launched in June 2025. Access the bank has since been extended expanded access beyond South Africa to Angola, Ghana, Kenya, Lesotho Lesotho, and Tanzania, with plans Tanzania. This expansion aims to add more markets by the end of 2026. The system bypasses bypass intermediary currencies, lowering reducing costs and settlement times for Africa‑China Africa-China trade. A week later, 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 announced the launch of launched direct yuan settlement for clients, marking the first such settlement, allowing businesses and individuals to pay from cedi accounts while bypassing SWIFT. This service in Ghana. The rollout is part of Standard Bank Group’s continental CIPS expansion, now operating in six African markets. addresses foreign exchange liquidity constraints and supports Ghana’s trade with China hit a record $14.1 billion in 2025, reinforcing trade volume with China. Simultaneously, the growing economic linkage facilitated 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 CIPS. the People’s Bank of China for Standard Bank and ICBC to operate renminbi clearing arrangements across 19 African countries.

Versions

  1. 2026-08-15 00:52 UTC Africa-China CIPS expansion
  2. 2026-08-04 15:43 UTC Africa-China CIPS expansion

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