STANDARD BANK PROCESSES OVER CNY 8 BILLION IN PAYMENTS THROUGH CHINA’S CROSS-BORDER INTERBANK SYSTEM

Standard Bank, the biggest bank in Africa by assets and the first bank in Africa authorised to process transactions through China’s Cross-Border Interbank Payment System (CIPS) has facilitated over CNY 8 billion (US$ 1.2 billion) in transactions.

The bank was granted approval to offer direct transactions through CIPS in June 2025 at the Lujiazui Forum in Shanghai.

CIPS enables interbank payments between Africa and China using the Chinese Renminbi (RMB) as the settlement currency. Available across Standard Bank’s platforms, the system allows banks and financial institutions to clear and settle cross-border payments directly in RMB, reducing reliance on intermediary currencies and streamlining transaction processes. Since launching the service, Standard Bank has expanded CIPS access beyond South Africa to Angola, Ghana, Kenya, Lesotho and Tanzania, extending the benefits of faster, more efficient RMB settlement to clients across key African trade corridors.

“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 payments 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,” says Ontiretse Modise, Head of Payments for Corporate and Investment Banking at Standard Bank.

According to the latest edition of the Standard Bank Africa Trade Barometer (Issue 5), cross-border trade preferences among businesses in the 10 African markets surveyed have shifted notably. Asian countries are now the preferred partners for an average of 35% of respondents, up from 24% in 2024. China continues to dominate as the leading source of inputs, cited by 67% of surveyed businesses, with competitive pricing, product variety and supply-chain reliability highlighted as the key drivers of this preference. Relatedly, respondents cited broadening supplier networks, expanding export destinations and strengthening intra-African trade links as additional boons for increasing their activities.

China is Africa’s largest export market, and CIPS has made it easier to clear transactions between the markets.

“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,” concludes Modise.