Standard Bank, Africa‘s largest bank by assets, has processed more than CNY8 billion ($1.2 billion) through China’s Cross-Border Interbank Payment System (CIPS), highlighting the growing role of the Chinese yuan in trade between Africa and the world’s second-largest economy.
- Standard Bank has processed over CNY8 billion ($1.2 billion) through China’s CIPS, highlighting increased use of the yuan in Africa-China trade.
- The bank was the first in Africa to process direct CIPS transactions and now offers the service in six African countries.
- CIPS enables direct RMB settlements, reducing reliance on intermediary currencies and lowers forex risks for African businesses trading with China.
- Demand for CIPS services has grown rapidly, reflecting China’s expanding influence and the shift in African trade preferences toward Asian partners.
The milestone comes just over a year after the South African lender became the first bank on the continent authorised to process transactions directly through CIPS, Beijing’s cross-border payment network for yuan-denominated settlements.
The bank said the service has expanded beyond South Africa to Angola, Ghana, Kenya, Lesotho and Tanzania, allowing businesses and financial institutions across key African trade corridors to settle transactions directly in Chinese renminbi (RMB), reducing reliance on intermediary currencies and streamlining payments.
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The rapid adoption reflects China’s expanding influence in Africa’s financial ecosystem, where the Asian giant has remained the continent’s largest bilateral trading partner for more than a decade.
Unlike traditional cross-border payment routes that often require transactions to pass through intermediary currencies such as the US dollar, CIPS enables direct settlement in RMB, potentially lowering transaction costs, shortening settlement times and reducing foreign exchange risks for businesses trading with China.
CIPS enables direct RMB settlements, reducing reliance on intermediary currencies and lowers forex risks for African businesses trading with China.BI Africa
According to Standard Bank, demand for the service has grown rapidly since its launch.
“The payment system’s rapid scale is clear. Surpassing CNY8 billion in transaction flows within the first year reflects strong demand for seamless trade with the world’s second-largest economy,” said Ontiretse Modise, Head of Payments for Corporate and Investment Banking at Standard Bank.
The bank plans to extend CIPS access to additional African markets before the end of 2026 as it seeks to strengthen trade connectivity between African economies and China.
The expansion comes as African businesses increasingly look east for trade opportunities.
According to the latest Standard Bank Africa Trade Barometer, Asian countries are now the preferred trading partners for an average of 35% of businesses surveyed across 10 African markets, up from 24% a year earlier.
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China remains the dominanthe country as their preferred supplier, driven by competitive pricing, product variety and supply chain reliability
The milestone also reflects broader shifts in global payments, as China continues to promote the international use of the yuan in cross-border trade.
While the US dollar remains the dominant global reserve and trade currency, growing adoption of RMB settlement systems such as CIPS points to an increasingly diversified payments landscape for African businesses engaged in trade with China.
For Standard Bank, the expansion reinforces its role as a key financial intermediary in Africa-China commerce, positioning the lender at the centre of one of the continent’s fastest-growing trade relationships.
