Stanbic rolls out direct Yuan settlements as Standard Bank links Africa to China’s CIPS network

November 28, 2025 in Business, Companies, Finance, Financial Services by Editor

Standard Bank becomes the first African lender to plug directly into China’s CIPS network, enabling Stanbic clients to settle Africa–China trade in Yuan without relying on the US dollar or SWIFT.

Standard Bank Group — the parent company of Stanbic Bank and Africa’s largest lender by assets — has become the first African bank to directly integrate with China’s Cross-Border Interbank Payment System (CIPS), marking a major shift in how African businesses settle trade with Asia.

The move effectively allows Stanbic and other Standard Bank subsidiaries to process real-time payments to China in Yuan, bypassing the US dollar and the SWIFT network for eligible transactions. The system, which went live after Standard Bank received its CIPS licence at June’s Lujiazui Forum in Shanghai, was formally launched last week, at a ceremony hosted at the South African Reserve Bank (SARB).

SARB Governor Lesetja Kganyago, People’s Bank of China Governor Pan Gongsheng, and CIPS Chairman Wang Hongbo jointly presided over the inauguration, describing the platform as a pivotal enabler for faster, cheaper and more resilient settlement between African and Chinese commercial entities.

By settling payments directly in Renminbi, African importers and exporters can avoid the added conversion costs and delays associated with routing transactions through the US dollar — a practice long entrenched in global trade. The bank says this will sharply reduce settlement times, cut foreign-exchange exposure and open new efficiencies for businesses with China-linked supply chains.

“We are keen advocates for Africa’s growth, and this new service is tailored to provide solutions that meet our clients’ needs where they operate,” said Crosby Mkhwanazi, Head of Client Coverage at Standard Bank Corporate & Investment Banking. “CIPS will enable more integration with a key trading partner and offer our clients diverse options for optimising their operations.”

Standard Bank’s latest Trade Barometer shows how quickly that demand is rising. 34pc of surveyed African businesses now source their imports from China, up from 23pc in May 2023. With China already Africa’s largest export destination, direct CIPS access is expected to simplify and accelerate cross-border settlements for both sides of the trade corridor.

Mkhwanazi added that CIPS represented “a seminal touchpoint” in the evolution of global payments, saying the bank will continue to build solutions that strengthen its role in Africa–China commerce.

CIPS transactions are now available across Standard Bank platforms, including Stanbic’s African subsidiaries.