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Standard Bank has become the first African financial institution to integrate directly with China’s Cross-Border Interbank Payment System (CIPS), enabling African businesses to pay Chinese suppliers in Renminbi (RMB) without routing transactions through the US dollar. The development marks a major shift in Africa–China trade settlement, promising faster, simpler, and potentially cheaper cross-border payments.
Traditionally, African companies conducting business with China relied on the US dollar as an intermediary currency—an approach that often introduced delays, additional fees, and exposure to exchange-rate fluctuations. By enabling direct RMB settlement, Standard Bank is removing this bottleneck and offering businesses a more efficient alternative for transacting with the continent’s largest trading partner.
China continues to expand its share of African trade. According to the 2024 Standard Bank Trade Barometer, 34% of African businesses now import goods from China, up from 23% the previous year. Between January and May 2025, China–Africa trade exceeded $134 billion, a 12.4% year-on-year increase. Imports largely comprise finished goods, while Africa exports raw materials such as minerals and crude oil. Nigeria, South Africa, and Egypt remain among the top importers.
CIPS, China’s global clearing and settlement platform, enables financial institutions worldwide to process cross-border transactions directly in RMB. Through its integration, Standard Bank can now originate and receive RMB payments in real or near real time, leveraging both instant settlement and batch processing options to support efficiency, liquidity, and cost optimisation.
The bank received its CIPS licence in June and has already activated the service on its digital channels. This capability is expected to be particularly beneficial for trade-reliant industries—including electronics, construction materials, and manufacturing—where procurement pipelines heavily depend on Chinese suppliers.
Operating across 21 African markets, Standard Bank says the move will help businesses ease cash-flow constraints, reduce exposure to dollar liquidity pressures, and navigate fluctuating exchange-control regimes more effectively.
“We are keen advocates for Africa’s growth, and this new service is tailored to provide solutions that meet our clients’ needs where they operate. CIPS will enable more integration with a key trading partner and offer our clients diverse options for optimising their operations,” said Crosby Mkhwanazi, Head of Client Coverage at Standard Bank Corporate and Investment Banking.
The milestone comes as global trade dynamics evolve and more countries explore payment systems that reduce reliance on the US dollar, positioning RMB settlement as a strategic advantage for African enterprises.
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