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

Stanbic Bank Ghana has become the first bank in the country to offer clients direct access to the China Cross-Border Interbank Payment System, following approval from the Bank of Ghana in a move expected to simplify and accelerate trade and financial transactions between Ghana and China. The development positions Stanbic Bank at the forefront of Standard Bank Group’s continental rollout of the payment platform after the group became the first African banking group to be licensed as a direct participant in CIPS. Ghana is among six African markets selected for the rollout, reflecting the country’s growing strategic importance in trade with China.

CIPS is a wholesale payment system authorised by the People’s Bank of China for clearing and settling cross-border transactions in Chinese Yuan. The platform provides a secure, efficient, and cost-effective alternative to the SWIFT network for RMB-denominated payments, enabling financial institutions to process both real-time and batch settlements. With the service now operational in Ghana, individuals making remittances, tuition and medical payments, as well as businesses trading with China, can settle Chinese yuan payments directly from their Ghana cedi accounts through Stanbic Bank, alongside existing payment channels.

In a press release commenting on the introduction of CIPS, Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, described the launch as a significant milestone for both the bank and Ghana’s trade relationship with China. “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,” he said.

He added that the new service would make cross-border trade “simpler, faster, and more efficient” for customers. “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,” Mr. According to the bank, businesses trading with China have traditionally encountered challenges such as foreign exchange liquidity constraints, multiple intermediary banks, and, in some cases, the risks associated with carrying physical cash to settle transactions.

The introduction of CIPS provides a direct bank-to-bank…