One of South Africa’s largest banks is eyeing a seat at China’s payments table. Absa is evaluating membership in a yuan-based payments platform that would allow it to settle cross-border transactions directly in Chinese renminbi, a move that could reshape how money flows between Africa and its largest trading partner.
The race for yuan rails in Africa
Absa isn’t operating in a vacuum here. Standard Bank, Africa’s largest lender by assets and a bank in which the Industrial and Commercial Bank of China holds a significant stake, recently became the first African bank to process transactions through China’s Cross-Border Interbank Payment System, known as CIPS. That system went live for Standard Bank’s renminbi settlements in September 2025.
CIPS is China’s answer to SWIFT, the Belgium-based messaging network that underpins most international bank transfers. Beijing built it specifically to promote yuan usage in global commerce, and it has been steadily onboarding participants across Asia, the Middle East, and now Africa.
Absa has already taken steps to deepen its China footprint, including opening a subsidiary in Beijing, so joining a yuan payments platform would be a logical next chapter rather than a dramatic pivot.
