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.
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.
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.
China's payment ambitions gather pace in Africa
