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African banks adopting Chinese yuan settlement systems

Updated 5 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-15 02:26 UTC → 2026-10-20 18:12 UTC · added removed

African financial institutions are increasingly adopting China’s Cross-Border Interbank Payment System (CIPS) to facilitate direct Renminbi (yuan) settlements. This shift aims to reduce transaction costs, bypass multiple currency conversions, and minimize intermediary charges in trade with China. In Ghana, Stanbic Bank became has become the first local bank to offer direct yuan settlement via CIPS, following CIPS. This follows China’s authorization of an RMB clearing structure covering 19 African countries. Standard Bank has reported processing over CNY8 billion (approximately US$1.2 billion) through CIPS across the continent. While the shift offers efficiency for businesses, it has raised questions regarding “cumulative financial dependence,” as increased trading and debt servicing in yuan could make African economies more sensitive to Chinese financial market decisions. The trend has expanded to Stanbic Bank Zambia, which launched the system to provide pricing certainty for the mining, manufacturing, and infrastructure sectors. In East and Central Africa, Bank of Kigali became the first bank in the region to join CIPS, allowing direct settlements without converting local currency CIPS. In North Africa, Attijariwafa Bank has integrated into US dollars. CIPS to streamline transactions between Morocco and China using the ISO 20022 international standard. Ecobank has also formalized this expansion by signing a Memorandum of Understanding with CIPS in Beijing. Ecobank CEO Jeremy Awori stated the partnership will improve the ability to support importers and exporters by connecting China’s RMB payment ecosystem with Ecobank’s network across 34 African markets. The agreement, signed during an official visit to China by Togo’s President of the Council, Faure Essozimna Gnassingbé, seeks to make Africa more accessible to Chinese businesses while helping African companies engage more effectively with Chinese markets. This expansion occurs amid significant trade volumes; China’s General Administration of Customs reported that China-Africa trade reached US$348 billion in 2025. Other financial institutions, including Standard Bank and Afreximbank, have also utilized CIPS to facilitate direct yuan payments, reflecting a broader regional trend of seeking alternatives to dollar-dependent payment routes.

Versions

  1. 2026-10-20 18:12 UTC African banks adopting Chinese yuan settlement systems
  2. 2026-10-15 02:26 UTC African banks adopting Chinese yuan settlement systems
  3. 2026-10-14 09:01 UTC African banks adopting Chinese yuan settlement systems
  4. 2026-10-11 18:58 UTC African banks adopting Chinese yuan settlement systems
  5. 2026-09-26 08:32 UTC African banks adopting Chinese yuan settlement systems
  6. 2026-09-23 15:49 UTC African banks adopting Chinese yuan settlement systems

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