Standard Bank has processed more than eight billion yuan (approximately $1.2 billion) in cross-border payments since becoming the first African lender to join China’s Cross-Border Interbank Payment System (CIPS), underscoring the increasing use of the Chinese currency in Africa-China trade.
The continent’s largest bank by assets became the first African financial institution to gain direct access to CIPS in November, enabling businesses to settle transactions with Chinese counterparties directly in renminbi (yuan) without first converting funds into intermediary currencies such as the US dollar.
Since joining the network, Standard Bank has processed more than eight billion yuan in transactions, reflecting growing demand from African businesses seeking faster and more cost-effective ways to pay Chinese suppliers and receive payments from buyers in China.
The service is currently available in South Africa, Angola, Ghana, Kenya, Lesotho and Tanzania, with the lender planning to expand access to additional African markets before the end of the year.
The milestone comes as commercial ties between Africa and China continue to deepen, increasing demand for alternative payment channels beyond the dollar.
