Standard Bank Processes More Than $1.2 Billion in Yuan Payments Across Africa in One Year
Key Takeaways
- •Standard Bank has handled more than 8 billion yuan in cross-border payments through China’s CIPS.
- •The bank was the first African lender granted direct access to CIPS, enabling yuan settlements without intermediary currencies such as the U.S. dollar.
- •Since launching the service in June 2025, Standard Bank has extended CIPS access to Angola, Ghana, Kenya, Lesotho, and Tanzania.
- •China has authorized Standard Bank Group and ICBC to build a renminbi clearing network across 19 African countries.
- •Bilateral trade between China and Africa reached $203.5 billion in the first half of 2026, up 24% from a year earlier.
Standard Bank has processed more than 8 billion Chinese Yuan, or $1.2 billion, in cross-border payments through China’s Cross-Border Interbank Payment System (CIPS), highlighting the rapid growth in trade between Africa and China and the rising demand for direct Renminbi settlement.
The milestone comes just over a year after the South African lender became the first African bank granted direct access to CIPS, allowing businesses to settle transactions with China in Yuan without routing payments through intermediary currencies such as the U.S. dollar.
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Since launching the service in June 2025, Standard Bank has expanded CIPS access beyond South Africa to Angola, Ghana, Kenya, Lesotho, and Tanzania, with plans to add more African markets before the end of 2026. That expansion matters because cross-border trade infrastructure often determines how quickly businesses can move from using indirect payment routes to settling more directly in the currency of trade.
China recently authorized Standard Bank Group Ltd. and Industrial and Commercial Bank of China (ICBC) to establish a Renminbi clearing network spanning 19 African countries, expanding Beijing’s efforts to embed the Yuan more deeply into one of its fastest-growing trading relationships.
BANKING | Bank of China Approves a Yuan Clearing Hub Across 19 Africa Markets
The expansion comes alongside a sharp increase in China-Africa commerce. Bilateral trade reached $203.5 billion in the first half of 2026, up 24% year-on-year, according to Chinese customs data. Chinese exports to Africa rose 26.2% to $130 billion, while imports from the continent increased 20.3% to $73.5 billion, reflecting deepening commercial ties even as Africa’s trade deficit with China widened.
By allowing companies to settle directly in Yuan, Standard Bank is positioning itself as a financial bridge for Africa-China trade, reducing settlement costs and currency conversion risks while supporting Beijing’s broader push to internationalize the Renminbi. The rollout also signals how payments infrastructure is increasingly shaping the practical terms of trade, especially for firms operating across multiple African markets and invoicing in Chinese currency.
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