Stanbic Bank becomes first bank in Ghana to offer direct Chinese Yuan settlement via CIPS

Stanbic Bank Ghana, a member of Standard Bank Group, has become the first bank in Ghana to offer clients direct access to the China Cross-Border Interbank Payment System (CIPS), following approval from the Bank of Ghana. This milestone positions the Bank at the forefront of Standard Bank Group’s continental rollout after the Group became the first African banking group to be licensed as a direct participant in CIPS.

CIPS is a wholesale payment system authorised by the People’s Bank of China for the clearing and settlement of cross-border transactions in Chinese Yuan (CNY). It provides a secure, efficient and cost-effective alternative to the SWIFT network for RMB-denominated payments, connecting financial institutions globally for real-time and batch settlement.

Standard Bank Group, through Standard Bank South Africa (SBSA) as its clearing hub, launched its CIPS capability in November 2025 and is progressively extending the service across Africa. Ghana is one of six African markets selected for rollout, reflecting the country’s growing strategic importance in trade with China.

With CIPS now live in Ghana, individuals making remittances, tuition fee and medical payments, amongst others, as well as businesses trading with China, can settle eligible RMB transactions directly from their Ghana Cedi accounts through Stanbic Bank, alongside existing payment channels.

Commenting on the introduction of CIPS, Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, said, “Guided by our purpose, Ghana is our home, we drive her growth, we continue to build new bridges of opportunity for Ghana and our continent. This is a landmark moment for Stanbic Bank Ghana and for the Ghana–China trade relationship. As the first bank in Ghana to offer direct access to CIPS, we are doing more than introducing a new payment capability, we are making cross-border trade simpler, faster and more efficient for our clients.

China is one of Ghana’s most important trading partners, and we are committed to providing the financial infrastructure that enables businesses to trade with greater confidence and ease. Through Standard Bank Group’s strategic relationship with the Industrial and Commercial Bank of China (ICBC), we continue to unlock international opportunities for our clients while reinforcing Stanbic Bank’s position as the partner of choice for businesses engaged in global trade.”

Businesses trading with China have traditionally faced challenges including foreign exchange liquidity constraints, multiple intermediary banks and, in some cases, the risks associated with carrying physical cash to settle trade transactions. CIPS provides a direct bank-to-bank settlement route in Chinese Yuan, helping to address these challenges while allowing clients to continue banking through their existing Stanbic Bank relationship teams, branches and digital channels.

Mr. Asomaning added, “Our clients have consistently asked for simpler, faster and more reliable ways to pay their Chinese suppliers. CIPS delivers exactly that. It provides a direct and efficient alternative for RMB payments without requiring clients to change how they bank with us. It is another example of our commitment to delivering innovative solutions that help our clients grow their businesses across borders.”