Stanbic Bank Ghana has become the first bank in the country to offer clients direct access to the China Cross-Border Interbank Payment System (CIPS). This milestone positions the bank at the forefront of Standard Bank Group's continental rollout.
First Bank in Ghana to Offer Direct Yuan Settlement
Stanbic Bank Ghana, a member of Standard Bank Group, has achieved a major milestone by becoming the first bank in the country to offer clients direct access to the China Cross-Border Interbank Payment System (CIPS). This follows approval from the Bank of Ghana.
CIPS is a wholesale payment system authorized 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.
Ghana Selected as One of Six African Markets for Rollout
Ghana is one of six African markets selected for the rollout of CIPS, reflecting the country's growing strategic importance in trade with China. 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.
Businesses and Individuals to Benefit from Direct RMB Settlement
With CIPS now live in Ghana, individuals making remittances, tuition fees, 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. This will make cross-border trade simpler, faster, and more efficient for clients.
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." He added, "Our clients have consistently asked for simpler, faster, and more reliable ways to pay their Chinese suppliers. CIPS delivers exactly that."
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.
The introduction of CIPS 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, Stanbic Bank is doing more than introducing a new payment capability; it is making cross-border trade simpler, faster, and more efficient for its clients. With this development, Stanbic Bank is reinforcing its position as the partner of choice for businesses engaged in global trade.
What happens next is that businesses and individuals in Ghana will have easier access to the Chinese market, and trade between the two countries will likely increase. The introduction of CIPS will also help to reduce the risks associated with carrying physical cash to settle trade transactions, making it a more secure and efficient way to conduct cross-border trade.
Source: Joy Online
