Standard Bank has become the first bank in Africa authorised to offer transactions through China’s Cross-Border Interbank Payment System (CIPS).
According to the financial institution, it was granted the license to provide CIPS transactions in June at the Lujiazui Forum in Shanghai. The system has since gone live and was recently inaugurated at a ceremony held at the South African Reserve Bank.
The payment system enables interbank payments between Africa and the East Asian country using Chinese Renminbi as the underpinning currency. Access to CIPS will provide banks and financial institutions the ability to clear and settle cross-border payments without the need to use different currencies.
Standard Bank’s Trade Barometer 2024 states that 34% of surveyed businesses source their imports from China up from 23% of businesses surveyed in May 2023. With China being Africa’s largest export market, the new payment system will simplify and accelerate the clearance of transactions between the two markets.
As by September 2025, CIPS was connected to 189 countries and territories and processed $12.7 trillion of payments in the first half of the year.
Crosby Mkhwanazi, head of client coverage at Standard Bank Corporate and Investment Banking, commented: “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. CIPS will enable more integration with a key trading partner and offer our clients diverse options for optimising their operations.”
He added: “We are confident in the exciting and continued evolution of the payments environment. CIPS is a seminal touch-point for the broader development that continues to proceed at pace in the space, we will continue to work to provide innovative client solutions.”
Share