Standard Bank has processed more than CNY 8 billion which’s about $1.2 billion in cross-border payments through the Interbank Payment Systems. This shows that trade between Africa and China is increasing and more people want to use the Renminbi for settlements across the continent.
This milestone happened over a year after Standard Bank was the first African bank to be allowed to process transactions directly through CIPS. The permission came in June 2025 at the Lijiazui Forum in Shanghai. This move allows the bank to help with direct RMB payments between countries and China without using other currencies in, between.
Standard Bank has processed more than CNY 8 billion which’s about $1.2 billion in cross-border payments through the Interbank Payment Systems. This shows that trade between Africa and China is increasing and more people want to use the Renminbi for settlements across the continent.
This milestone happened over a year after Standard Bank was the first African bank to be allowed to process transactions directly through CIPS. The permission came in June 2025 at the Lijiazui Forum in Shanghai. This move allows the bank to help with direct RMB payments between countries and China without using other currencies in, between.
Following its initial rollout in South Africa, the bank has expanded CIPS services to Angol, Ghana, Kenya, Lesotho and Tanzania, providing businesses operating along key Africa and China trade corridors with faster access to RMB payment capabilities.
“The payment system’s rapid scale is clear. Surpassing CNY 8 billion in transaction flows within the first year reflects strong demand for seamless trade with the world’s second-largest economy. With our world-class payment’s capabilities, Standard Bank is focused on expanding CIPS access across Africa, unlocking more efficient cross-border transactions and deepening trade corridors for our clients. As part of this commitment, we plan to extend CIPS access to more African countries by the end of 2026, further strengthening Africa-China trade connectivity.” Ontiretse Modise, Head of Payments for Corporate and Investment Banking, Standard Bank
The growth RMB based transaction aligns with the shifting trade patterns highlighted in the latest edition of the Standard Bank Africa Trade Barometer (Issue 5). According to the report, businesses across ten African markets are increasingly looking towards Asia for trade opportunities, with Asian countries now preferred by an average of 35% of surveyed respondents, compared with 24% in 2024.
China remains the source of imported items for businesses in Africa with 67% of people saying the country is their main supplier. Companies said low prices, products to choose from and dependable deliveries are the main reasons they buy from China. People who took the survey also said they want to work with suppliers sell more products to other countries and have better trade between African nations as important goals for growing their businesses.
China is the place where Africa sells its products. China is still very important in the trade between Africa and other countries. Getting direct access to CIPS is expected to make money transfers between companies and Chinese traders easier by allowing payments in RMB.
“As the payments landscape rapidly evolves, we are actively shaping its next phase. We see CIPS as a critical enabler of this transformation, strengthening Africa’s connectivity to global markets. We are confident this payment system will play a pivotal role in accelerating trade flows and supporting the continent’s continued growth.” Ontiretse Modise, Head of Payments for Corporate and Investment Banking, Standard Bank.
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