Stanbic Bank Ghana has become the first bank in the country to offer direct Chinese Yuan (RMB) settlement through the China Cross-Border Interbank Payment System (CIPS), simplifying trade and payments between Ghana and China.
Stanbic Bank Ghana has made history by becoming the first bank in Ghana to provide clients with direct access to the China Cross-Border Interbank Payment System (CIPS), following approval from the Bank of Ghana.
The milestone positions Stanbic Bank at the forefront of Standard Bank Group’s expansion of CIPS services across Africa after the Group became the first African banking group licensed as a direct participant in the Chinese payment system.
CIPS is the official payment infrastructure authorised by the People’s Bank of China to clear and settle cross-border transactions in Chinese Yuan (RMB). The platform provides businesses and individuals with a faster, more secure and more cost-effective alternative for RMB-denominated payments.
Ghana is among six African countries selected for the first phase of Standard Bank Group’s continental rollout, highlighting the country’s growing importance in trade with China.
The new service enables businesses trading with China, as well as individuals making tuition, medical and other eligible RMB payments, to settle transactions directly from their Ghana Cedi accounts through Stanbic Bank without relying on multiple intermediary banks.
Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, described the development as a major milestone for both the bank and the Ghana-China trade relationship.
He said the initiative reflects Stanbic Bank’s commitment to supporting Ghanaian businesses with modern financial infrastructure that makes international trade simpler, faster and more efficient.
According to him, China remains one of Ghana’s most important trading partners, making direct Yuan settlement an important tool for businesses seeking greater efficiency in cross-border commerce.
Mr. Asomaning noted that the service is backed by Standard Bank Group’s strategic partnership with the Industrial and Commercial Bank of China (ICBC), creating greater opportunities for Ghanaian businesses to access Asian markets.
He added that many businesses have long sought simpler and more reliable ways to pay Chinese suppliers, explaining that CIPS offers a direct alternative for RMB payments while allowing customers to continue using Stanbic Bank’s existing relationship managers, branches and digital banking platforms.
Businesses have traditionally encountered challenges including foreign exchange liquidity constraints, multiple correspondent banks and delays in processing international payments. Direct settlement through CIPS is expected to reduce these barriers while improving payment efficiency.
For more than 26 years, Stanbic Bank Ghana has remained one of Ghana’s leading financial institutions. As part of Standard Bank Group, Africa’s largest bank by assets, the bank continues to expand innovative financial solutions that support economic growth and international trade.
