Standard Bank has made history by becoming the first African bank to directly join China’s Cross-Border Interbank Payment System (CIPS), a global platform that allows faster and more efficient transactions in Chinese yuan (RMB).
The development is expected to simplify Africa–China trade, allowing businesses to settle payments directly in RMB without routing through the US dollar. This means faster processing times, lower transaction costs, and reduced exposure to currency fluctuations — a major win for many African companies that rely on Chinese imports.
According to Standard Bank, access to CIPS is now fully active across its African markets, giving thousands of businesses a smoother and more secure channel for settling invoices with Chinese suppliers.
Trade between Africa and China continues to rise, and with CIPS integration, Standard Bank says African firms will now enjoy a “more reliable, cost-effective and globally competitive” payment experience.
Industry observers are calling this a game-changing step that could reshape the continent’s financial link with the world’s second-largest economy.