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Standard Bank Pioneers Direct Payment Link Between Africa and China’s New Currency System
Standard Bank is making waves by becoming the first bank in Africa to offer direct transactions through China’s Cross-Border Interbank Payment System, also known as CIPS. This means for the first time, African businesses and banks can pay and get paid directly using China’s new currency system, the Chinese Renminbi, without needing to switch between different currencies.
This direct payment link between Africa and China was officially given the green light back in June at the Lujiazui Forum in Shanghai. Since then, the system has gone live and was recently launched in South Africa at a special event hosted by the South African Reserve Bank. What this basically means is banks and financial institutions across Africa now have a simpler and faster way to handle cross-border payments with China.
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This move couldn’t come at a better time. Standard Bank’s Trade Barometer 2024 shows that 34% of businesses now import goods from China, up from just 23% in mid-2023. As China stands as Africa’s biggest export market, having a direct payment link between Africa and China is a huge deal. It will make trading much smoother by speeding up how payments are cleared and settled between the two regions.
CIPS itself is already a massive system. By September 2025, it was connected to 189 countries and territories worldwide, handling a whopping $12.7 trillion in payments just in the first half of the year alone. With Standard Bank pioneering this link, African businesses get easy access to a huge, global currency network that’s growing fast.
Crosby Mkhwanazi, who leads client coverage at Standard Bank Corporate and Investment Banking, shared some thoughts about this milestone. He said they are true believers in Africa’s growth and that this new service is tailored to meet the needs of clients wherever they do business. The introduction of CIPS means more integration with one of Africa’s key trading partners, China, and gives clients more options for improving how they operate.
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He added that the payments world is evolving rapidly, and CIPS represents a key moment in that change. Standard Bank plans to keep pushing forward to offer even more innovative solutions to their clients as this payment environment keeps developing.
Standard Bank’s direct payment link between Africa and China opens new doors for trade, making it quicker and easier to connect with one of the world’s biggest economies using China’s new currency system. It’s a bold step showing how Africa is stepping up in global finance and trade.
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