Standard Bank, Africa’s largest bank by assets, has become the first bank on the continent to connect directly to China’s Cross-Border Interbank Payment System (CIPS).
This integration gives African companies a faster and more efficient way to pay Chinese suppliers in Renminbi (RMB), eliminating the need to route payments through the US dollar.
Traditionally, African businesses have used the dollar as an intermediary for trade settlements with China, a process that often introduces delays, extra fees, and exchange-rate risks.
Direct RMB payments now offer quicker, smoother, and potentially cheaper transactions with Africa’s biggest trading partner.
China’s importance in African trade continues to grow with Standard Bank’s 2024 Trade Barometer showing 34% of African businesses now import from China, up from 23% the previous year.
China-Africa trade hit over $134 billion in the first five months of 2025, up 12.4% year-on-year. Most of these imports are finished products, while Africa exports raw materials like minerals and crude oil.
Nigeria, South Africa, and Egypt are among Africa’s biggest importers from China. Other importers include Liberia, Algeria, and Ghana, bringing in everything from machinery and electronics to household and industrial goods.
CIPS, China’s global clearing and settlement platform, enables financial institutions worldwide to process cross-border payments directly in RMB. With Standard Bank now connected, the bank can send and receive RMB payments instantly or in batch form, improving speed, lowering costs, and enhancing liquidity.
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Standard Bank received its CIPS licence in June and has already activated the service on its digital banking platforms. This development is particularly beneficial for industries heavily reliant on Chinese supply chains, including electronics, construction materials, and manufacturing.
Operating across 20 African markets and global hubs like Dubai and London, Standard Bank says RMB settlement will help businesses ease cash-flow pressures and avoid complications linked to dollar shortages and fluctuating foreign-exchange controls.
“We are strong supporters of Africa’s development, and this solution is designed to meet clients’ needs wherever they operate.
CIPS strengthens integration with a major trading partner and gives businesses more options to optimise their operations,” said Crosby Mkhwanazi, Head of Client Coverage at Standard Bank Corporate and Investment Banking.
The shift comes at a time when global payment systems are diversifying beyond the US dollar, amid changing US trade policies and increasing calls for alternative settlement currencies.
