By VICTOR RABALLA in Nairobi, Kenya |
chinadaily.com.cn |
Stanbic Bank Kenya has launched direct renminbi, or RMB, settlement through China's Cross-Border Interbank Payment System, CIPS, a move set to speed up transactions and lower costs for cross-border trade.
Unveiled on Friday in Nairobi, the service positions Stanbic among the first banks in the continent to offer direct RMB settlement through CIPS, reducing dependence on traditional correspondent banking channels and giving businesses greater certainty when trading with Chinese partners.
Speaking during the launch, Jonathan Muga, head of corporate and investment banking at Stanbic Bank Kenya, said the initiative reflects the evolution of Kenya-China economic relations from infrastructure-led cooperation to a broader partnership encompassing manufacturing, technology, logistics and industrial development.
